City of Asbury Park v. Smock

Many are the steps leading to the instant application in this cause. It will serve no special purpose to trace them. Suffice it to observe, in most general terms (in the interest of greater clarity), that on March 1th, 1935, the city of Asbury Park, because of its financial difficulties, was placed under the control of the Municipal Finance Commission of the State of New Jersey. R. S. 52:27-l, el seq.

Thereafter, on January 4th, 1936, in pursuance of a petition filed, by creditors for themselves and others similarly situated, for the approval of a plan of adjustment or composition of the…