New Jersey Statutes 2A:50-5. Answer in action on bond disputing amount of deficiency as termination of right to redeem; foreclosure and sale not to be opened
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 2A:50-5
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- 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
Where an action has been brought for a deficiency as provided by section 2A:50-2 of this Title, and where the party or parties liable for such deficiency shall have answered disputing the amount of the deficiency as provided by section 2A:50-3 of this Title, the effect of such answer shall be to terminate any right to redeem from foreclosure sale as provided by section 2A:50-4 of this Title, and the recovery for the deficiency shall not open the foreclosure and sale of the premises as provided by said section 2A:50-4
Amended by L.1979, c. 286, s. 4.