New Jersey Administrative Code › Title 3 - BANKING › Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK › Subchapter 2 - INTERPRETATIONS AND DEFINITIONS › Section 3:42-2.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter,
				  shall have the following meanings unless the context clearly indicates
				  otherwise:
"Bank" means the Pinelands Development Credit Bank created
				  pursuant to
				  13:18A-30 et seq.
"Board" means the Board of Directors of the Pinelands
				  Development Credit Bank.
"Certificate" means the document issued by the Executive
				  Director pursuant to
				  3:42-3.1 et seq.
"Encumber" means the act of burdening a Pinelands Development
				  Credit with a financial liability such as that created when a Pinelands
				  Development Credit is pledged as security or collateral.
"Grantee" means the person to whom an interest in a Pinelands
				  Development Credit is conveyed.
"Grantor" means the person who conveys an interest in a
				  Pinelands Development Credit.
"Letter of Interpretation" means a letter issued by the
				  Pinelands Commission, pursuant to N.J.A.C. 7:50-4.7 1 et seq., attesting to the
				  number of Pinelands Development Credits allocated to a parcel of land.
"Marketable title" means title free and clear of
				  objectionable liens or encumbrances, free from reasonable doubts or defects,
				  and insurable by a reputable title insurance company authorized to do business
				  in New Jersey.
"Person" means an individual, corporation, public agency,
				  business trust, partnership, association, two or more persons having a joint or
				  common interest or any other legal entity.
"Pinelands Commission" means the Commission created pursuant
				  to Section 5 of the Pinelands Protection Act,
				  13:18A-1 et seq.
"Pinelands Comprehensive Management Plan" means the plan
				  adopted by the Pinelands Commission as
				  7:50-1.1 et seq.
"Pinelands Development Credits" means transferable
				  development rights which are used to increase the residential density on
				  certain lands in municipalities designated to receive such credits pursuant to
				  the Pinelands Comprehensive Management Plan.
"Pinelands Development Credit Bank Act". See
				  13:18A-30 et seq.
"Pinelands Protection Act". See
				  13:18A-1 et seq.
"Prime interest rate" means the base rate on corporate loans
				  at large United States money center commercial banks. This rate is published in
				  the Wall Street Journal under money rates.
"Redeemed" means any Pinelands Development Credit which is
				  used to increase the residential density on a parcel of land in any
				  municipality designated to receive such credits pursuant to the Pinelands
				  Comprehensive Management Plan,
				  7:50-1.1 et seq.
"Registry" means a permanent record established and
				  maintained by the Executive Director documenting all Pinelands Development
				  Credit Certificates issued, sold, conveyed, transferred, encumbered, redeemed
				  and retired.
"Retired" means any Pinelands Development Credit owned by the
				  Bank which is permanently withdrawn from use prior to its redemption.