New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 9A-295

If any property offered for sale at public auction pursuant to section 293  1 shall not be sold, the commissioner may, without notice, apply to the Superior Court for leave to sell such property at private sale, and upon failure to find a purchaser therefor, to destroy such property. Upon such application, the court may make such order as in its discretion the circumstances shall require. The proceeds of a private sale shall be held and disposed of as unclaimed funds, pursuant to section 286.  2