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Terms Used In New Jersey Statutes 54:5-104.32

  • 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
4. Any municipality or abandoned property certificate holder may proceed, In Rem, pursuant to the provisions of the In Rem Tax Foreclosure Act (1948), P.L.1948, c.96 (C. 54:5-104.29 et seq.), similarly to bar rights of redemption, after said certificate has been recorded in the office of the county recording officer. Neither the foreclosure nor the recording of any such judgment or certificate shall be construed to be a sale, transfer, or conveyance of title or interest to the subject property under the provisions of the “Uniform Voidable Transactions Act,” R.S.25:2-20 et seq.

L.1948, c.96, s.4; amended 1994, c.32, s.15; 2015, c.16, s.4; 2021, c.92, s.25.