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NEW JERSEY STATUTES AND CODES
17:16C-39.1 - Real property mortgage as additional security; prohibition
17:16C-39.1. Real property mortgage as additional security; prohibition
No retail installment contract, retail charge account or separate instrument executed in connection therewith shall contain any provision whereby the retail seller, sales finance company or holder takes a real property mortgage as additional security in connection with a retail sale. Any such provision shall be void and unenforceable.
L.1981, c. 324, s. 2, eff. Dec. 9, 1981.
No retail installment contract, retail charge account or separate instrument executed in connection therewith shall contain any provision whereby the retail seller, sales finance company or holder takes a real property mortgage as additional security in connection with a retail sale. Any such provision shall be void and unenforceable.
L.1981, c. 324, s. 2, eff. Dec. 9, 1981.
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