38:23C-17 - Payment of sum as condition of foreclosure, or rescission or termination of contract - New Jersey Statutes

38:23C-17.  Payment of sum as condition of foreclosure, or rescission or termination of contract
    Where a proceeding to foreclose a mortgage upon or to resume possession of personal property, or to rescind or terminate a contract for the purchase thereof, has been stayed as provided in this act, the court may, unless in its opinion an undue hardship would result to the dependents of the person in military service, appoint three disinterested parties to appraise the property and, based upon the report of the appraisers, order such sum, if any, as may be  just, paid to the person in military service or his dependent, as the case may  be, as a condition of foreclosing the mortgage, resuming possession of the  property, or rescinding or terminating the contract.

     L.1979, c. 317, s. 17, eff. Jan. 18, 1980.