New Jersey Statutes 2A:42-133. Order for sale of building
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Terms Used In New Jersey Statutes 2A:42-133
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
20. Upon application of the receiver, the court may order the sale of the building if it finds that:
a. Notice was given to each current record owner of the building, each mortgagee or lienholder of record, and any other party in interest;
b. The receiver has been in control of the building for more than one year at the time of application and the owner has not successfully petitioned for reinstatement under section 24 of P.L.2003, c.295 (C. 2A:42-137); and
c. The sale would promote the sustained maintenance of the building as sound, affordable housing, consistent with codes and safety requirements.
L.2003,c.295,s.20.