[HISTORY: Adopted by the Borough Council of the Borough of Seaside
Heights 2-19-1997 by Ord. No. 97-1. Amendments noted where applicable.]
A.Â
No insurance company authorized to issue fire insurance
policies in the State of New Jersey which issue or renew any fire insurance
policy after the adoption of this chapter and the filing of same with the
State Commissioner of Insurance, shall pay to any claimant a sum in excess
of $2,500 for fire damage on any real property located within the Borough
of Seaside Heights, New Jersey until such time as:
(1)Â
All taxes and assessments and all other municipal liens
and charges due and payable to the Borough of Seaside Heights as indicated
on an official certificate of search for municipal liens, shall have been
paid in full; or
(2)Â
A municipality submits to the insurance company a certified
copy of a resolution adopted pursuant to N.J.S.A. 17:36-11.
B.Â
If an appeal is taken on the amount of any lien or charge
other than an appeal on an assessed valuation of real property, the insurance
company shall issue a draft payable to the court of record pursuant to N.J.S.A.
17:36-10, in an amount totaling 75% of the full amount of the lien or charge
being contested and the insurance company shall issue a draft payable to the
municipality for the remaining 25% of the lien or charge being contested;
provided, however, that the amount paid by the insurance company to the court
and the municipality shall not exceed the proceeds payable under its insurance
policy. Pending termination of all proceedings, at which time all moneys and
interest accrued shall be disbursed in accordance with the final order or
judgment of the court, the 75% of the full amount of lien or charge shall
be placed in an interest bearing escrow account as provided in N.J.S.A. 17:36-10.
The provisions of this chapter are intended to be interpreted in conjunction
with N.J.S.A. 17:36-8 through N.J.S.A. 17:36-13, and the provisions of said
statutes and any amendments thereto are herein incorporated by reference.
