38:23C-3 - Sureties, guarantors, endorsers on obligation; stay of performance of enforcement; vacation of judgment or decree; waiver - New Jersey Statutes

38:23C-3.  Sureties, guarantors, endorsers on obligation;  stay of performance of enforcement;  vacation of judgment or decree;  waiver
    a.  Whenever, pursuant to any of the provisions of this act, the enforcement  of any obligation or liability, the prosecution of any suit or proceeding, the  entry or enforcement of any order, writ, judgment or decree, or the performance  of any act, may be stayed, postponed or suspended, such stay, postponement or  suspension may, in the discretion of the court, likewise be granted to  sureties, guarantors, endorsers and others subject to the obligation or  liability, the performance or enforcement of which is stayed, postponed or  suspended.

    b.  When a judgment or decree is vacated or set aside, in whole or in part,  as provided in this act, the same may, in the discretion of the court, likewise  be set aside and vacated as to any surety, guarantor, endorsers, accommodation  maker or other person whether primarily or secondarily liable upon the contract  or liability for the enforcement of which the judgment or decree was entered.

    c.  Nothing contained in this act shall prevent a waiver in writing of the benefits afforded by paragraphs a. and b. of this section by any surety, guarantor, endorser, accommodation maker, or other persons whether primarily or  secondarily liable upon the obligation or liability except that after the date  of enactment of this act no such waiver shall be valid unless it is executed as  an instrument separate from the obligation or liability in respect of which it  applies, and no such waiver shall be valid after the beginning of the period of  military service if executed by an individual who, subsequent to the execution  of such waiver becomes a person in military service.

     L.1979, c. 317, s. 3, eff. Jan. 18, 1980.