New Jersey Administrative Code
Title 3 - BANKING
Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK
Subchapter 3 - PROCEDURES GOVERNING THE SALE, CONVEYANCE, TRANSFER OR ENCUMBRANCE OF PINELANDS DEVELOPMENT CREDITS
Section 3:42-3.4 - Sale, transfer, conveyance or encumbrance of Pinelands Development Credits after issuance of the Certificate
Universal Citation: NJ Admin Code 3:42-3.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Within 10 business days of the sale, transfer, conveyance or encumbrance of a Pinelands Development Credit or interest therein, the grantee shall deliver to the Executive Director the Certificate properly documented as to the specifics of the transaction as set forth in (c) below.
(b) Upon receipt of the Certificate, the Executive Director shall re-issue a Certificate, or Certificates as the case may be, in the name of the person or persons who have secured an interest in the Pinelands Development Credits.
(c) Notification to the Executive Director shall include, but is not necessarily limited to, the following:
1. The name(s) of the grantee(s);
2. The name(s) of the grantor(s);
3. The number of Pinelands Development
Credits sold, conveyed, transferred, or encumbered;
4. The date of the transaction;
5. The interest in the Pinelands Development
Credits acquired by the grantee and written evidence of the transaction;
and
6. The consideration involved
in the transaction.
7. In the case
of a Pinelands Development Credit pledged as collateral, the name and address
of any person who has pledged a Pinelands Development Credit as security on any
loan or other obligation, the name and address of the lender, and the date,
amount and term of the loan or obligation.
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