2016 New Jersey Revised Statutes
Title 46 - Property
Section 46:8A-12 - Waiver Of Regime

NJ Rev Stat § 46:8A-12 (2016) What's This?

46:8A-12. Waiver of regime
Two-thirds of the coowners or the sole owner of property constituted into a horizontal property regime may waive this regime and regroup or merge the records of the individual apartments with the principal property, provided, that the individual apartments are unencumbered, or if encumbered, that the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors.

L.1963, c. 168, s. 12. Amended by L.1978, c. 124, s. 5, eff. Oct. 5, 1978.


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