New Jersey § 17:12b-236
Full text of New Jersey New Jersey Statutes § 17:12b-236, with citation guidance and answers to common questions.
§ 17:12b-236.
Any owner of land, which is subject to a sinking fund mortgage held by an association
which has been dissolved, may apply in writing to such association, within 90 days
after the date of its dissolution, for an extension of time, not exceeding 5 years
from the date of said dissolution, within which the amount due upon such mortgage,
and the obligation accompanying the same, shall be paid. The association shall grant such request, provided that: (a) There shall be no existing default in the performance of the terms and conditions
of said mortgage and obligation; and (b) The applicant shall agree to perform all of the other terms and agreements of
said mortgage and obligation; and (c) The applicant shall agree to pay monthly, in reduction of the principal sum due
on said mortgage and obligation, such amount as the association shall require, not
exceeding, however, 1% of the amount of the original loan secured by said mortgage. Such amount shall be applied first to the payment of interest and other lawful charges,
and the surplus to the reduction of the principal. Nothing herein contained shall prevent the association and the applicant from agreeing
upon the payment of larger monthly payments. If, at the date of said dissolution, any default has existed for more than 2 months
in the performance of any of the terms and conditions of said mortgage and obligation,
the application for extension of time may be refused, or granted upon such terms as
the association may prescribe. The provisions of this section shall not be construed to prevent an association in
liquidation from making any compromise which it is otherwise authorized to make.
Frequently Asked Questions About New Jersey § 17:12b-236
What does New Jersey Statutes § 17:12b-236 cover?
Section 17:12b-236 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-236?
A common citation format is "New Jersey Statutes § 17:12b-236" (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-236 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.