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New Jersey Statutes, Title: 31, INTEREST AND USURY
Chapter 1: Contract rate; rate on mortgages on dwellings and other loans; computation of interest or discount; determination of rates
Section: 31:1-4: Borrower may compel discovery, and acceptance of principal alone
Any borrower of money or other personal property may by action in the Superior Court against the lender, or in any discovery proceeding, compel him to discover, upon oath, the money or other personal property really lent, and all agreements, devices, shifts, bargains, contracts and conveyances which shall have passed between them relative to such loan, or the repayment thereof, and the interest or consideration for the same. If thereupon it shall appear that more than lawful interest was taken or reserved the lender shall be obliged to accept his principal money, or the personal property or the value thereof, without any interest or other consideration, and to pay costs.
Amended by L.1953, c. 30, p. 551, s. 3.
This section added to the Rutgers Database: 2012-09-26 13:37:50.
Older versions of 31:1-4 (if available):
Court decisions that cite this statute:
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