New Jersey Statutes 46:10B-4. Invalidity of mortgage provisions
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Terms Used In New Jersey Statutes 46:10B-4
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
No provision in a mortgage or instrument of indebtedness which denies the rights conferred by sections 2 and 3 of this act, or which provides for prepayment fees in excess of those permitted by this act, or in which the rights conferred by sections 2 and 3 of this act are modified to the detriment of the mortgagor, or are waived or surrendered, shall be enforceable.
L.1968, c. 54, s. 4, eff. June 6, 1968.