18A:56-12. Mortgage foreclosure proceedings
58 words·~1 min read·
/nj/title-18a/chapter-56/18a-56-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of trustees shall cause actions to foreclose to be commenced without delay whenever the interest on bonds secured by mortgage held by the board as part of the school fund shall remain unpaid for six months. The board may discontinue the actions upon the payment of accrued interest and the costs of such actions.
L.1967, c.271.