[HISTORY: Adopted by the Township Committee of the Township of Cinnaminson 8-14-1979 by Ord. No. 1979-9 (Sec. 1.84 of the 1995 Code). Amendments noted where applicable.]
No insurance company authorized to issue fire insurance policies in the State of New Jersey shall pay any claim in excess of $2,500 on any real property located within the Township of Cinnaminson pursuant to a fire insurance policy issued or renewed after adoption of this chapter and filing the same with the State Commissioner of Insurance until such time as all taxes, assessments and other municipal liens or charges due and payable appearing on an official certificate of search shall have been paid either by the owner of such real property or the insurance company pursuant to N.J.S.A. 17:36-8 et seq., unless a municipality shall submit to the insurance company a copy of the resolution adopted pursuant to § 277-2 of this chapter.
The Township Committee of the Township of Cinnaminson may enter into an agreement with the owner of any fire-damaged property to pay in full all delinquent taxes, assessments or other municipal liens by installments pursuant to N.J.S.A. 54:5-19 or for the redemption of the tax sale lien by installment payments pursuant to Article VII of Chapter 5 of Title 54 of the New Jersey Revised Statutes if the Township Committee of the Township of Cinnaminson is satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property. An insurance company receiving a certified copy of a resolution of agreement from the governing body of the municipality is authorized to make full payment on the claim to the insured purpose.
Unless a resolution, as provided above, is received by an insurance company writing fire insurance policies within the Township of Cinnaminson, said insurance company is hereby required, prior to the payment of any claims for fire damages in excess of $2,500, to pay to the municipality the amount of any liens appearing on the official certificate and such reported liens or related charges as may be certified to the insurance company; provided, however, that if an appeal is taken on the amount of any lien or charge, other than an appeal on the assessed valuation of real property pursuant to N.J.S.A. 54:3-21, the insurance company shall withhold 75% of the full amount of the lien or charge being contested pending termination of all proceedings, at which time such moneys and all interest accruing thereon at a rate paid on interest-bearing accounts in banking institutions and savings and loan associations of the state shall be disbursed in accordance with the final order of judgment of the court.
This chapter shall take effect upon final passage, approval and publication as required by law, provided that the Township Clerk shall cause a certified copy of this chapter to be filed with the State Commissioner of Banking and Insurance, and this chapter shall not be deemed effective until such time as said filing occurs.