New Jersey § 55:17-2
Full text of New Jersey New Jersey Statutes § 55:17-2, with citation guidance and answers to common questions.
§ 55:17-2.
In the event of any default or foreclosure in respect to a project coming within this
act, the holder of the mortgage loan shall establish a set of records, separate and
distinct from those pertaining to its usual business or operations, to reflect with
reasonable accuracy the appropriate debits and credits applicable to the project,
from which all necessary and proper calculations can be made to continue to carry
out the terms and provisions of the lease or financial arrangement, or both, as directed
by this act. Such records shall be established and maintained in accordance with recognized accounting
practices, to be certified to by independent certified public accountants, in order
to assure the governmental body or agency involved that the terms and conditions of
the lease or financial arrangement will continue to be applied according to their
intent.
Frequently Asked Questions About New Jersey § 55:17-2
What does New Jersey Statutes § 55:17-2 cover?
Section 55:17-2 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 § 55:17-2?
A common citation format is "New Jersey Statutes § 55:17-2" (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 § 55:17-2 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.