New Jersey Statutes 2A:50-50. Judgment on foreclosure for failure to procure insurance or pay insurance premiums; no merger; lien of mortgage continued
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Terms Used In New Jersey Statutes 2A:50-50
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The judgment in a foreclosure proceeding under authority of section 2A:50-49 of this title shall adjudge that the mortgage shall not be deemed to be merged therein, but shall remain in full force and effect as security for the principal sum due thereon and accrued interest.
L.1951 (1st SS), c.344.