New Jersey Administrative Code
Title 3 - BANKING
Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK
Subchapter 2 - INTERPRETATIONS AND DEFINITIONS
Section 3:42-2.2 - Definitions

The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise:

"Bank" means the Pinelands Development Credit Bank created pursuant to 13:18A-30 et seq.

"Board" means the Board of Directors of the Pinelands Development Credit Bank.

"Certificate" means the document issued by the Executive Director pursuant to 3:42-3.1 et seq.

"Encumber" means the act of burdening a Pinelands Development Credit with a financial liability such as that created when a Pinelands Development Credit is pledged as security or collateral.

"Grantee" means the person to whom an interest in a Pinelands Development Credit is conveyed.

"Grantor" means the person who conveys an interest in a Pinelands Development Credit.

"Letter of Interpretation" means a letter issued by the Pinelands Commission, pursuant to N.J.A.C. 7:50-4.7 1 et seq., attesting to the number of Pinelands Development Credits allocated to a parcel of land.

"Marketable title" means title free and clear of objectionable liens or encumbrances, free from reasonable doubts or defects, and insurable by a reputable title insurance company authorized to do business in New Jersey.

"Person" means an individual, corporation, public agency, business trust, partnership, association, two or more persons having a joint or common interest or any other legal entity.

"Pinelands Commission" means the Commission created pursuant to Section 5 of the Pinelands Protection Act, 13:18A-1 et seq.

"Pinelands Comprehensive Management Plan" means the plan adopted by the Pinelands Commission as 7:50-1.1 et seq.

"Pinelands Development Credits" means transferable development rights which are used to increase the residential density on certain lands in municipalities designated to receive such credits pursuant to the Pinelands Comprehensive Management Plan.

"Pinelands Development Credit Bank Act". See 13:18A-30 et seq.

"Pinelands Protection Act". See 13:18A-1 et seq.

"Prime interest rate" means the base rate on corporate loans at large United States money center commercial banks. This rate is published in the Wall Street Journal under money rates.

"Redeemed" means any Pinelands Development Credit which is used to increase the residential density on a parcel of land in any municipality designated to receive such credits pursuant to the Pinelands Comprehensive Management Plan, 7:50-1.1 et seq.

"Registry" means a permanent record established and maintained by the Executive Director documenting all Pinelands Development Credit Certificates issued, sold, conveyed, transferred, encumbered, redeemed and retired.

"Retired" means any Pinelands Development Credit owned by the Bank which is permanently withdrawn from use prior to its redemption.