New Jersey Statutes 54:5-114.9. Cancellation of tax sale certificate
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Terms Used In New Jersey Statutes 54:5-114.9
- 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
Any purchaser of a tax sale certificate under the act to which this act is a supplement, or any assignee of such purchaser, who has or shall have acquired legal title to the property affected by said tax sale certificate by voluntary conveyance instead of by foreclosure of said tax sale certificate and who at the public sale of such tax sale certificate shall have paid to the municipality a sum not less than the full amount due on such tax sale certificate together with all interest, costs and subsequent taxes, may apply to the municipality for a cancellation of said tax sale certificate, and the governing body of the municipality by resolution may order the tax sale certificate cancelled of record in the manner prescribed by law; provided, such application is made within five years from the date of said public sale and the municipality, prior to such application, shall not have resold such tax sale certificate; and provided further, that in no case shall the municipality refund any of the moneys paid to it for such tax sale certificate at public sale thereof under this act.
L.1950, c. 45, p. 84, s. 1.