New Jersey § 17:12b-156
Full text of New Jersey New Jersey Statutes § 17:12b-156, with citation guidance and answers to common questions.
§ 17:12b-156.
A. An association may make additional loans or advances for any purpose expressly
or impliedly reserved or provided for in any bond, mortgage or other obligation held
by or hereafter acquired by any such association subject to the provisions of subsection
D of this section, otherwise; B. An association may make additional loans to borrowing members for the purpose of
repairs, alterations, or improvements already made or to be made upon real estate
owned by such borrowing member, subject to the conditions and limitations of subsection
D of this section. C. An association may make additional loans to borrowing members for the purpose of
paying the cost of insurance upon the life of such borrowing member. Such policy of insurance may also include health, accident or disability features. The proceeds of such a policy of insurance shall be applied in accordance with the
terms and conditions contained therein; provided, however, the amount of such insurance
shall not exceed the amount loaned on the mortgage lien held by the association. Any additional loan made under this subsection shall be made pursuant to the conditions
and limitations contained in subsection D of this section. D. Any additional loan to borrowing members made pursuant to the provisions of this section shall be made subject to the following conditions and limitations: (1) The real estate securing such an additional loan shall be real estate upon which
the association already holds a mortgage lien. (2) (Deleted by amendment, P.L.1997, c. 33 .) (3) (Deleted by amendment, P.L.1997, c. 33 .) (4) (Deleted by amendment, P.L.1997, c. 33 .) (5) Each such additional loan shall be evidenced by an obligation which shall state
the terms on which such loan is made, and the amount thereof shall be added to the
amount due on the association's mortgage against such real estate. (6) The payment of such additional loan shall be secured by the mortgage the association
already holds on such real estate. (7) No search or examination of the title to the mortgage real estate shall be required. All persons who acquire any rights in, or liens upon, the mortgaged real estate, subsequent
to the recording of any association's mortgage, shall hold such rights and liens subject
to the association's right to make such additional loans.
Frequently Asked Questions About New Jersey § 17:12b-156
What does New Jersey Statutes § 17:12b-156 cover?
Section 17:12b-156 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:12b-156?
A common citation format is "New Jersey Statutes § 17:12b-156" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:12b-156 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.