2A:50-56a Creditor, foreclosure proceeding, agent, responsible, property, vacant, abandoned, immunity, liability.
114 words·~1 min read·
/nj/title-2a/chapter-50/2a-50-56aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
3. a. In situations in which a creditor has instituted a foreclosure proceeding pursuant to the "Fair Foreclosure Act," P.L.1995, c.244 (C.2A:50-53 et seq.) and a creditor employs an agent to be responsible for the care, maintenance, security, and upkeep of the property if it becomes vacant and abandoned, the creditor and agent who peacefully enter the property and exercise reasonable care in doing so, shall be immune from liability, before and after the bid, for any damage to the property or any person entering the property.
b. Persons bidding on the property shall not enter the property prior to the time of sale of the property to the successful bidder.
L.2023, c.255, s.3.