54:4-69.1 - Payment of taxes by mortgagee - New Jersey Statutes

54:4-69.1.  Payment of taxes by mortgagee
    Whenever a mortgagee shall pay any taxes on the mortgaged premises and give  notice to the collector of taxes at the time of such payment that payment is  being made of such taxes as mortgagee, and an appeal from the assessment placed  or the taxes levied on such property is taken or is pending and a reduction in  the assessment or the taxes levied is obtained by such an appeal, the collector  of taxes shall credit any remission of taxes arising out of such appeal to the  taxes next levied upon such premises, or the taxes due or to become due in the  year the judgment is issued on such appeal.

    The collector of taxes shall make a record of the fact that such taxes were  paid by the mortgagee and shall give the payor a receipt as mortgagee for such  payment, and place the amount of any remission of taxes obtained arising out of  such appeal to the credit of the taxes next to be levied upon such premises or  to the taxes due or to become due in the year the judgment is issued on such  appeal.

     L.1938, c. 152, p. 309, s. 1.