New Jersey Statutes 46:18-11.4. Failure to comply; liability.
Current as of: 2023 | Check for updates
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Terms Used In New Jersey Statutes 46:18-11.4
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
3. Any mortgagee who fails to comply with section 1 of P.L.1975, c.137 (C. 46:18-11.2) shall be liable to the mortgagor, or his heirs, successors or assigns who have an interest in the mortgaged premises for the cost of any legal action to have the mortgage canceled of record, including reasonable attorneys’ fees, but no attorneys’ fees shall be allowed unless 20 days written notice is given to the mortgagee prior to institution of suit.
L.1975, c.137, s.3; amended 2015, c.225, s.3.