2A:50-3 - Answer disputing amount of deficiency; determination of amount - New Jersey Statutes

2A:50-3.  Answer disputing amount of deficiency;  determination of amount
    The obligor in any bond or note specified in section 2A:50-2 of this Title,  with respect to any bond given after March 29, 1933, and with respect to any  note given after the effective date of this amendatory act may file an answer  in the action for deficiency, disputing the amount of the deficiency sued for.   In that event both parties may introduce evidence as to the fair market value  of the mortgaged premises at the time of the sale thereof in the foreclosure  action, and the court, with or without a jury, shall determine the amount of  such deficiency, by deducting from the debt secured the amount determined as  the fair market value of the premises.  If all parties to the action shall so  agree, the court may accept as the fair market value of the mortgaged premises  the value fixed by three appraisers, to be named by agreement of all the  parties to the action, which agreement shall be evidenced by a stipulation to  be filed in the action.

     Amended by L.1979, c. 286, s. 2.