New Jersey Statutes 2A:56-41. Proceeds of sale; payment or investment; how invested; income
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Terms Used In New Jersey Statutes 2A:56-41
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
When a sale is made pursuant to section 2A:56-37 or 2A:56-38 of this title, the net proceeds of a share limited over or not held in fee simple shall, under the order and direction of the superior court be paid either to the tenant of said life or other estate, during his or her life or otherwise, or be invested and kept invested, in the name of the superior court of the state of New Jersey, for the use of the person owning such share, either upon bond secured by mortgage to the said superior court, upon the property so sold, or any part thereof, or as otherwise provided by law as to moneys deposited with said court.
L.1951 (1st SS), c.344.