54:5-104.100. Conveyance of outstanding interest against certain residential realty; payment; action to compel conveyance
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/nj/title-54/chapter-5/54-5-104-100·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where premises are owned, or are thought to be owned, by an individual or individuals occupying, or intending to occupy the same himself or themselves as a single family residence, whether or not a home is partially or fully erected thereon, and whether said premises will constitute the full lot or yard for the home or a portion thereof, any claim of title, lien, encumbrance, restriction or limitation against a fee simple absolute title in said individual or individuals, whether or not asserted in litigation or in any other way, shall be conveyed by the owner of such claim to said individual or individuals upon his or their request and upon payment to said owner by or on behalf of said individual or individuals of the amount paid by the owner to acquire said interest (and, in the event property was all or part of the purchase price, then such payment to said owner shall include the fair value of the property given by the owner to acquire said interest) plus interest at the rate of 6% per annum from the date of such acquisition by said owner to the date of such payment; if for any reason such conveyance is not effected, either because of the refusal of the owner to convey, or the inability of the individual or individuals to contact said owner, or for any reason whatsoever, said individual or individuals may bring a civil action in the Superior Court, naming said owner as a defendant, and serving him by substituted service; upon the successful conclusion of such suit establishing a right to a conveyance the court shall either order such conveyance or may effect such conveyance by its own judgment as if same had been made by the owner.
In any such action the amount to be paid to the owner pursuant to this statute plus the interest required herein shall be deposited with the court at the time of the filing of the complaint, and shall be turned over to the owner upon the successful completion of the action or retained by the court if said owner is not located, then and turned over to the owner when located.
L.1964, c. 184, s. 1.