ARTICLE IFire Insurance Claims (§ 50-1 — § 50-3)
§ 50-1Fire insurance payments to be held pending satisfaction of
§ 50-2Municipal claims paramount; exception.
§ 50-3Other remedies available.
On and after the effective date of this article, it shall be unlawful for any insurance company to make payment to a claimant of any claim in excess of $2,500 for fire damages on any real property located within the Borough of Washington, County of Warren, State of New Jersey, pursuant to any fire insurance policy issued or renewed after the effective date of this article and the filing of the same with the State Commissioner of Insurance, until such time as all taxes and assessments and all other municipal liens or charges due and payable as of the date of the claim appearing on the official certificate of search shall have been paid either by the owner of such real property or by the insurance company pursuant to the provisions of Public Law 1978, Chapter 184, Section 3,
The claim of the Borough of Washington made in accordance with the provisions of this article shall be paramount to any other claims on the proceeds of the fire insurance policy, except the claim of a holder of a mortgage on the fire-damaged property where the fire insurance policy at the time of the loss listed the mortgagee as a named insured, in which event the claim of the mortgagee to the proceeds shall be paramount to the lien of the Borough of Washington under this article only to the extent of the amount due and payable to the mortgagee under the mortgage contract.
This article shall in no way affect the authority of the Borough of Washington to enforce any municipal liens under any other law of the state.