New Jersey § acts:saved-54 - (11)

§ acts:saved-54. (11)

11. That all moneys received upon sales in pursuance of any of the provisions of this

act shall be deposited with the treasurer of the city, and the surplus, if any, remaining

in any case, after deducting the amount of the tax, assessment and lien, and interest

and expenses of sale and disbursements shall be held for the use of and paid over

to the person legally entitled thereto, upon his establishing his right to the same;

provided, however, that interest thereon shall not be recoverable from the city;

all bonds received at sales under this act shall be canceled after the delivery of

the deed; provided, further, that if in any case a lot or parcel of land is sold

upon which there is a mortgage or lien other than the lien of the city, and the sum

bid and paid therefor is in excess of the sum due to the city, then, if the mortgagee

or holder of such lien shall notify the city of the nature and amount of his or her

mortgage or lien, within sixty days after the receipt of such excess by the city,

the city shall thereupon pay such excess into the circuit court of the county, and

the judge of said court, on the application of any party interested, may make such

order in relation to the distribution and disposition of the same as shall be just

and equitable.