2009 New Jersey Code
TITLE 2A - ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE
2a:50
2A:50-2.3 - Application of act

2A:50-2.3.  Application of act
    This act shall not apply to proceedings to collect a debt evidenced by a note and secured by a mortgage on real property in the following instances:

    a.  Where the debt secured is for a business or commercial purpose other than a two-family, three-family or four-family residence in which the owner or his immediate family resides;

    b.  Where the mortgaged property is other than a one-family, two-family, three-family or four-family dwelling in which the owner or his immediate family  resides at the time of institution of proceedings to collect the debt;

    c.  Where a banking institution, savings and loan association or building and loan association, operating pursuant to State or Federal law, is the lender  or his assignee and the mortgage is not the primary security for the debt, as  evidenced by (1) the financial condition of one or more persons directly or  indirectly liable on the note, or (2) the giving of collateral in addition to  the mortgage as security for the debt;

    d.  Where a banking institution, savings and loan association, building and  loan association or licensed secondary mortgage lender, operating pursuant to  State or Federal law, is the lender, and the mortgage is given to secure  payment of a loan evidenced by a note, and where the mortgage so given is  subject to the lien or liens of a prior mortgage or mortgages not held by such  institution or association or by any holder in which such institution or association has an interest or with which such institution or association has an affiliation.

     L.1979, c. 286, s. 13.  Amended by L.1981, c. 333, s. 1, eff. Dec. 14, 1981.
 

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