2A:50-37 - Sale and conveyance of premises; estate conveyed; disposition of proceeds; application for surplus - New Jersey Statutes

2A:50-37.  Sale and conveyance of premises;  estate conveyed; disposition of proceeds;  application for surplus
    The sheriff or other officer to whom a writ of execution under section 2A:50-36 of this title shall be directed and delivered shall make sale pursuant  to the command of such writ, and shall make and execute a deed or deeds for the  premises sold, as the case may require;  but no greater estate in the premises  sold shall, at any time, be granted to a purchaser than would have been vested  in the mortgagee had the equity of redemption been duly foreclosed.

    The moneys arising from a sale pursuant to this section shall be applied to  pay off and discharge the moneys ordered to be paid, and the surplus, if any,  shall be deposited with the court and the same shall be paid to the person or  persons entitled thereto, upon application therefor, as the court shall  determine.  Such surplus moneys may be invested at interest on such security as  the court shall order pending application therefor by the person or persons  entitled thereto.  All charges in connection with applications for surplus  moneys not exceeding $100, shall not exceed the sum of $5.
 
L.1951 (1st SS), c.344.