New Jersey Statutes 2A:42-127. Filing, continuation of foreclosure unaffected
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Terms Used In New Jersey Statutes 2A:42-127
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
14. a. Neither the filing of a complaint under section 4 of P.L.2003, c.295 (C. 2A:42-117) nor the appointment of a receiver under subsection a. of section 10 of P.L.2003, c.295 (C. 2A:42-123) shall stay the filing or continuation of any action to foreclose a mortgage or lien on the building or to sell the property for delinquent taxes or unpaid municipal liens.
b. In the event that ownership of the building changes as a result of foreclosure while a receiver is in possession, including possession by the municipality pursuant to a tax foreclosure action, the property shall remain subject to the receivership and the receiver shall remain in possession and shall retain all powers delegated under this action unless and until the receivership is terminated under the provisions of P.L.2003, c.295 (C. 2A:42-114 et al.).
L.2003,c.295,s.14.