New Jersey § acts:saved-2 - (1)

§ acts:saved-2. (1)

2. From henceforth where any bill or bills, suit or suits, shall be filed, commenced

or brought in the court of equity of this state by any person or persons having or

claiming any estate, right or interest in any lands, tenements or hereditaments, under

or by virtue of any mortgage or mortgages thereof, to compel the defendant or defendants

in such suit or suits (having or claiming a right to redeem the same) to pay the plaintiff

or plaintiffs in such suit or suits, the principal money and interest due on any such

mortgage or mortgages, together with any sum or sums of money due on any encumbrance

or specialty, charged or chargeable on the equity of redemption thereof, and in default

of payment thereof, to foreclose such defendant or defendants of his, her, or their

right or equity of redeeming such mortgaged lands, tenements or hereditaments; such

court of equity, where such suit or suits shall be depending, upon application made

to such court by the defendant or defendants in such suit, having a right to redeem

such mortgaged lands, tenements or hereditaments, and upon his, her, or their admitting

the right and title of the plaintiff or plaintiffs in such suit, may and shall, at

any time or times before such suit or cause shall be brought to hearing, make such

order or decree therein, as such court might or could have made therein in case such

suit or cause had then been regularly brought to hearing before such court; and all

parties to such suit or suits shall be bound by such order or decree so made, to all

intents and purposes, as if such order or decree had been made by such court, at or

subsequent to the hearing of such cause or suit.