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Township of Green v. Block 56, Lot 23

A-5184-96T2 (N.J. Super. App. Div. 1998) (Unpublished)

TAX LIENS; FORECLOSURE—When property is held by the Resolution Trust Corporation, no tax foreclosure may be instituted without its consent.

A secured creditor objected to a foreclosure on the grounds that the municipality failed to secure the Resolution Trust Corporation’s consent to commence foreclosure, as required by 12 U.S.C. sec. 1825(b)(2). The lower court agreed and prohibited the institution of the tax foreclosure. The municipality appealed, claiming that federal law did not require the Resolution Trust’s consent and that the sovereign immunity enjoyed by Resolution Trust could not be extended for the benefit of a secured creditor. The Appellate Division found the municipality’s contentions to be without merit. When property is held by the Resolution Trust Corporation, no tax foreclosure may be instituted without its consent.


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