2A:50-31 - Sale pending foreclosure - New Jersey Statutes

2A:50-31.  Sale pending foreclosure
    When, in an action for the foreclosure or satisfaction of a mortgage covering real or personal property, or both, the property mortgaged is of such a character or so situated as to make it liable to deteriorate in value or to make its care or preservation difficult or expensive pending the determination of the action, the superior court may, before judgment, upon the application of  any party to the action, order a sale of the mortgaged property to be made at  public or private sale through a receiver, sheriff, or otherwise, as the court  may direct.  The proceeds of any such sale shall be brought into court, there  to remain subject to the same liens and equities of the parties in interest as  was the mortgaged property and to be disposed of as the court shall, by order  or judgment, direct.
 
L.1951 (1st SS), c.344.