New Jersey Statutes 2A:56-42. Payments on principal of mortgage; disposition; discharge
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Terms Used In New Jersey Statutes 2A:56-42
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
When the principal sum, or a part thereof, secured as provided in section 2A:56-41 of this title, is collected, it shall be paid into the superior court, by payment to the clerk thereof, there to remain until paid out under the order and direction of the superior court or reinvested, and the clerk and his sureties shall be responsible therefor. No other payment shall discharge the bond and mortgage or authorize a county clerk or register to discharge the registry on record thereof.
L.1951 (1st SS), c.344.