2009 New Jersey Code
TITLE 34 - LABOR AND WORKMEN'S COMPENSATION
Section 34:15
34:15-69.1 - Discontinuance or sale of business;  discharge of employer from  further liability;  assumption of obligations by third party

34:15-69.1.  Discontinuance or sale of business;  discharge of employer from  further liability;  assumption of obligations by third party     Whenever any employer has discontinued his business or sold or otherwise disposed of the greater part of his business or assets, the division may, upon application to the commissioner or any deputy director by any party to an award, upon 10 days' written notice to all other parties, and after hearing, order such employer discharged from further liability for such award, provided that said commissioner or deputy director finds that a third party has filed with the division a satisfactory undertaking in writing assuming all obligations of such award and the claim or claims upon which it is based in lieu of and in place of such employer and provided further that such third party either is an employer operating under section 34:15-77 of this Title or has filed with the division a certificate signed by the Commissioner of Banking  and Insurance certifying that such third party meets all requirements to become  an employer operating under said section, or is a stock company or mutual  association authorized to write workmen's compensation or employer's liability  insurance in this State.

     L.1956, c. 209, p. 749, s. 1.