Replies to post #95181 on JP 3E Holdings Inc (JPTE)

[I-Glow]

Mr Smith, this isn't from my personal knowledge but a cursory search.

In New Jersey, when there is a conflict between a bank with a perfected lien and the County Tax Assessor's office regarding delinquent taxes, the **County Tax Assessor's office (or municipality) generally takes priority**. This is because property tax liens are given a superior position over most other liens, including mortgages and perfected liens held by banks.

Foreclosure: If the property owner doesn't repay the taxes plus interest to the lien holder within a certain period, the lien holder can foreclose on the property...

* Distribution of Proceeds: When the property is sold through foreclosure, the proceeds are distributed in order of priority. The delinquent taxes and any associated costs are paid first. If any funds remain, they are then distributed to other creditors based on the priority of their liens.

IG