New Jersey Statutes 3B:14-63. Directions of court when abandonment ordered
Terms Used In New Jersey Statutes 3B:14-63
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes executors, general administrators of an intestate estate, administrators with the will annexed, substituted administrators, substituted administrators with the will annexed, guardians, substituted guardians, trustees, substituted trustees and, unless restricted by the subject or context, temporary administrators, administrators pendente lite, administrators ad prosequendum, administrators ad litem and other limited fiduciaries. See New Jersey Statutes 3B:1-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
a. The court may direct the fiduciary to refrain from
(1) Paying any arrearages of real property taxes and assessments and those thereafter assessed,
(2) Paying water rents or charges,
(3) Paying arrearages in mortgage principal and interest and those thereafter becoming due,
(4) Making repairs to or maintaining any improvements upon the real property,
(5) Keeping the real property or any improvements thereon insured against fire or other loss and liability or as the court may direct;
b. The court may direct that the fiduciary may, if a buyer can be found, convey the real property for a nominal consideration or no consideration so as to avoid liability arising to the fiduciary or to the estate or trust.
L.1981, c. 405, s. 3B:14-63, eff. May 1, 1982.