New Jersey § acts:saved-2 - (1)

§ acts:saved-2. (1)

1. Whereas, mortgagees frequently bring actions of ejectment for the recovery of lands

and estates to them mortgaged, and bring actions on bonds given by mortgagors to pay

the money secured by such mortgages, and for performing the covenants therein contained,

and likewise commence suits in equity to foreclose their mortgagors from redeeming

their estates; and the courts of law, where such ejectments are brought, have not

power to compel such mortgagees to accept the principal moneys and interests due on

such mortgages and costs, or to stay such mortgagees from proceeding to judgment and

execution in such actions; but such mortgagors must have recourse to a court of equity

for that purpose, in which case likewise such court does not give relief until the

hearing of the cause; for remedy thereof, and to obviate all objections relating

to the same, that from henceforth where any action shall be brought on any bond for

payment of the money secured by such mortgage, or performance of the covenants therein

contained, or where any action of ejectment shall be brought by any mortgagee or mortgagees,

his, her or their heirs, executors, administrators or assigns, for the recovery of

the possession of any mortgaged lands, tenements or hereditaments, and no suit shall

be then depending in the court of equity, for or touching the foreclosing or redeeming

of such mortgaged lands, tenements or hereditaments, if the person or persons having

right to redeem such mortgaged lands, tenements or hereditaments, and who shall appear

and become defendant or defendants in such action, shall, at any time pending such

action, pay unto such mortgagee or mortgagees, and in case of his, her or their refusal,

shall bring into court, where such action shall be depending, all the principal moneys

and interest due on such mortgage, and also all such costs as have been expended in

any suit or suits at law, or in equity, upon such mortgage (such money for principal,

interest and costs to be ascertained and computed by the court where such action is

or shall be depending, or by the proper officer, by such court to be appointed for

that purpose), the moneys so paid by such mortgagee or mortgagees, or brought into

such court, shall be deemed and taken to be in full satisfaction and discharge of

such mortgage; and the court shall and may discharge every such mortgagor or defendant

of and from the same accordingly; and shall and may, by rule or rules of the same

court, compel such mortgagee or mortgagees, at the cost and charges of such mortgagor

or mortgagors, to assign, surrender, or reconvey such mortgaged lands, tenements and

hereditaments, and such estate and interests as such mortgagee or mortgagees have

or hath therein, and deliver up all deeds, evidences and writings in his, her, or

their custody, relating to the title of such mortgaged lands, tenements and hereditaments,

unto such mortgagor or mortgagors, who shall have paid or brought such moneys into

the court, his, her, or their heirs, executors or administrators, or to such other

person or persons, as he, she, or they shall for that purpose nominate or appoint.