3B:14-63 - Directions of court when abandonment ordered - New Jersey Statutes

3B:14-63.  Directions of court when abandonment ordered    If the fiduciary is ordered to abandon real property:

    a.  The court may direct the fiduciary to refrain from

     (1) Paying any arrearages of real property taxes and assessments and those thereafter assessed,

     (2) Paying water rents or charges,

     (3) Paying arrearages in mortgage principal and interest and those thereafter becoming due,

     (4) Making repairs to or maintaining any improvements upon the real property,

     (5) Keeping the real property or any improvements thereon insured against fire or other loss and liability or as the court may direct;

     b.  The court may direct that the fiduciary may, if a buyer can be found, convey the real property for a nominal consideration or no consideration so as to avoid liability arising to the fiduciary or to the estate or trust.

     L.1981, c. 405, s. 3B:14-63, eff. May 1, 1982.