New Jersey Statutes 46:9-8.4. Prior recorded liens
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Terms Used In New Jersey Statutes 46:9-8.4
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
Liens of mortgage loans recorded prior to the effective date of this act:
a. With respect to liens effective prior to the effective date of this act, shall continue the same priority position pursuant to the law in effect prior to this act, and
b. With respect to liens effective on or after the effective date of this act, shall have the priority provided in this act as if the mortgage loan recorded prior to the effective date of this act was recorded at the time this act became effective.
L. 1985, c. 353, s. 4, eff. Nov. 9, 1985.