New Jersey Statutes 2A:50-56a. Creditor, foreclosure proceeding, agent, responsible, property, vacant, abandoned, immunity, liability
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Terms Used In New Jersey Statutes 2A:50-56a
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
3. a. In situations in which a creditor has instituted a foreclosure proceeding pursuant to the “Fair Foreclosure Act,” P.L.1995, c.244 (C. 2A:50-53 et seq.) and a creditor employs an agent to be responsible for the care, maintenance, security, and upkeep of the property if it becomes vacant and abandoned, the creditor and agent who peacefully enter the property and exercise reasonable care in doing so, shall be immune from liability, before and after the bid, for any damage to the property or any person entering the property.
b. Persons bidding on the property shall not enter the property prior to the time of sale of the property to the successful bidder.
L.2023, c.255, s.3.