New Jersey Statutes 3B:25-1. Nonexoneration of property subject to mortgage or security interest; exception
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Terms Used In New Jersey Statutes 3B:25-1
- Devisee: means any person designated in a will to receive a devise. See New Jersey Statutes 3B:1-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- Testator: A male person who leaves a will at death.
3B:25-1. Nonexoneration of property subject to mortgage or security interest; exception.
When property subject to a mortgage or security interest descends to an heir or passes to a devisee, the heir or devisee shall not be entitled to have the mortgage or security interest discharged out of any other property of the ancestor or testator, but the property so descending or passing to the person shall be primarily liable for the mortgage or secured debt, unless the will of the testator shall direct that the mortgage or security interest be otherwise paid. A general direction in the will to pay debts shall not be deemed a direction to pay the mortgage or security interest.
Amended 2004, c.132, s.88; 2005, c.160, s.18.