New Jersey § 2a:50-40
Full text of New Jersey New Jersey Statutes § 2a:50-40, with citation guidance and answers to common questions.
§ 2a:50-40.
The holder of a mortgage, under the terms of which the mortgagor has agreed to pay
the mortgagee a certain specified sum or sums of money at certain future time or times
as therein specified, or as specified in the evidence of debt to secure which the
mortgage was given, and also interest on the principal thereof during the term of
the mortgage, at certain specified times at a rate not in excess of the legal annual
rate, may, whenever the owner of the mortgaged premises defaults in making any such
interest payment at the time when it has become due, or within such period of grace
as is designated in the mortgage or the evidence of debt secured thereby, elect to
foreclose the mortgage only to the extent that there is due and unpaid thereunder,
upon the evidence of debt secured thereby, any interest upon the principal sum secured
thereby.
Frequently Asked Questions About New Jersey § 2a:50-40
What does New Jersey Statutes § 2a:50-40 cover?
Section 2a:50-40 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 § 2a:50-40?
A common citation format is "New Jersey Statutes § 2a:50-40" (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 § 2a:50-40 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.