2A:14-4 - Actions on lease, specialty, recognizance or award; 16 years; effect of payments; action on instrument under seal brought by merchant or financial institution; 6 years - New Jersey Statutes

2A:14-4.  Actions on lease, specialty, recognizance or award;  16 years; effect of payments;  action on instrument under seal brought by merchant or financial institution;  6 years    Every action at law for rent or arrears of rent, founded upon a lease under  seal, every action at law upon a single or penal bill under seal for the  payment of money only, upon an obligation under seal conditioned for the payment of money only, upon a recognizance or upon an award under the hands and  seals of arbitrators for the payment of money only shall be commenced within 16  years next after the cause of any such action shall have accrued. If, however,  any payment is made on any such lease, specialty, recognizance or award within  or after such period of 16 years, an action thereon may be commenced within 16  years next after such payment, and not thereafter.

    This section shall not apply to any action for breach of any contract for sale governed by N.J.S. 12A:2-725.

    This section shall also not apply to any action founded upon an instrument under seal brought by a merchant or bank, finance company, or other financial institution.  Any such action shall be commenced within 6 years next after the cause of any such action shall have accrued.

L.1951 (1st SS), c.344; amended by L.1961, c. 121, p. 723, s. 2, eff. Jan. 1, 1963;  L.1979, c. 436,  s. 1, eff. Feb. 14, 1980.