3B:25-1 - Nonexoneration of property subject to mortgage or security interest; exception - New Jersey Statutes

3B:25-1  Nonexoneration of property subject to mortgage or security interest; exception.

3B:25-1.  Nonexoneration of property subject to mortgage or security interest; exception.

When property subject to a mortgage or security interest descends to an heir or passes to a devisee, the heir or devisee shall not be entitled to have the mortgage or security interest discharged out of any other property of the ancestor or testator, but the property so descending or passing to the person shall be primarily liable for the mortgage or secured debt, unless the will of the testator shall direct that the mortgage or security interest be otherwise paid. A general direction in the will to pay debts shall not be deemed a direction to pay the mortgage or security interest.


Amended 2004, c.132, s.88; 2005, c.160, s.18.