In Stone v. Old Bridge Tp., 111 N.J. 110, 543 A.2d 431 (1988), the executive director of a municipal utilities authority brought an action challenging the termination of his fixed term contract. The authority discharged the plaintiff when it was dissolved and replaced by a new governmental entity. The Chancery Division dismissed the plaintiff's complaint, holding that the Fiscal Control Law, under which the authority had been dissolved and the new agency created, did not mandate the continuation of any employment contract. Instead, the court found that the dissolution statute guaranteed the payment only of "creditors" and "obligees," which did not include employees with fixed term contracts.