38:23C-17. Payment of sum as condition of foreclosure, or rescission or termination of contract
122 words·~1 min read·
/nj/title-38/chapter-23c/38-23c-17·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where a proceeding to foreclose a mortgage upon or to resume possession of personal property, or to rescind or terminate a contract for the purchase thereof, has been stayed as provided in this act, the court may, unless in its opinion an undue hardship would result to the dependents of the person in military service, appoint three disinterested parties to appraise the property and, based upon the report of the appraisers, order such sum, if any, as may be just, paid to the person in military service or his dependent, as the case may be, as a condition of foreclosing the mortgage, resuming possession of the property, or rescinding or terminating the contract.
L.1979, c. 317, s. 17, eff. Jan. 18, 1980.