New Jersey Statutes 18A:56-12. Mortgage foreclosure proceedings
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Terms Used In New Jersey Statutes 18A:56-12
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The board of trustees shall cause actions to foreclose to be commenced without delay whenever the interest on bonds secured by mortgage held by the board as part of the school fund shall remain unpaid for six months. The board may discontinue the actions upon the payment of accrued interest and the costs of such actions.
L.1967, c.271.