New Jersey Statutes 46:28-1. Right of mortgagee to possession and recovery of possession
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Terms Used In New Jersey Statutes 46:28-1
- 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.
Every chattel mortgage shall vest in the mortgagee or owner thereof the right to the possession of the chattels therein described, so far as the same may be necessary for the purpose of preventing the removal thereof out of the county wherein they were at the time of the execution or delivery of such mortgage, and of recovering such chattels in case the same shall have been removed out of such county.