New Jersey Statutes 38:23C-17. Payment of sum as condition of foreclosure, or rescission or termination of contract
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 38:23C-17
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- 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
Where a proceeding to foreclose a mortgage upon or to resume possession of personal property, or to rescind or terminate a contract for the purchase thereof, has been stayed as provided in this act, the court may, unless in its opinion an undue hardship would result to the dependents of the person in military service, appoint three disinterested parties to appraise the property and, based upon the report of the appraisers, order such sum, if any, as may be just, paid to the person in military service or his dependent, as the case may be, as a condition of foreclosing the mortgage, resuming possession of the property, or rescinding or terminating the contract.
L.1979, c. 317, s. 17, eff. Jan. 18, 1980.