New Jersey § 17:2-1
Full text of New Jersey New Jersey Statutes § 17:2-1, with citation guidance and answers to common questions.
§ 17:2-1.
All savings and loan associations, building and loan associations, title and mortgage
guaranty companies and insurance companies may invest funds in bonds, secured by first
mortgage, on leasehold estates of real estate in this State of camp meeting associations,
to the giving of which bond and mortgage the camp meeting association has consented,
subject to the conditions of the lease. The real estate, except as to the leasehold, shall be free and clear of all liens
and encumbrances of every kind whatsoever, and the leasehold at the time of the giving
of the bond and mortgage shall have an unexpired term of not less than 25 years, or
shall be renewable to the lessee, his heirs and assigns, for a term of not less than
25 years, and be a lease of the entire interest in the real estate except the reversion. No investment shall be made in excess of 66 2 / 3 % of the appraised value of the leasehold estate and the improvements thereon; provided,
however, that such limitation shall not apply to any loan which is wholly or partially
guaranteed or insured by the United States of America, the State of New Jersey or
any instrumentality or agency of either, but in case any such loan is only partially
guaranteed or insured, then the unguaranteed or uninsured portion of the loan shall
not exceed (60%) of the appraised value of the leasehold estate and improvements thereon. The appraisement may be made by a committee of the savings and loan association,
building and loan association, title and mortgage guaranty company, insurance company,
and, in the case of an individual, by 2 persons appointed by the individual for that
purpose. No such investment shall be made until the camp meeting association shall first
have been approved for the purpose by the commissioner. For the purposes of this section real estate upon which there is a building in process
of construction, which when completed, will constitute a permanent improvement, shall
be construed as improved and productive real estate.
Frequently Asked Questions About New Jersey § 17:2-1
What does New Jersey Statutes § 17:2-1 cover?
Section 17:2-1 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 § 17:2-1?
A common citation format is "New Jersey Statutes § 17:2-1" (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 § 17:2-1 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.