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New Jersey Statutes, Title: 2A, ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE
Chapter 50: No personal deficiency judgment in foreclosure actions or execution thereon for balance due
Section: 2A:50-11: Penal sum of bond may be expressed in sum of debt; recovery for true amount
Whenever a bond secured by a mortgage shall be given for the same debt, the penal sum of the bond may be expressed in the sum of the debt instead of in a sum double the amount of the debt. In any action upon such bond, recovery may be had for the true amount due including the debt, interest, charges, advances, costs, and any other obligation, secured and evidenced by the terms and conditions of the bond and mortgage, in the same manner and to the same effect as though the penal sum expressed in the bond was double the amount of the debt.
L.1951 (1st SS), c.344.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 2a:50-11 (if available):
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