17:16C-39.1 - Real property mortgage as additional security; prohibition
17:16C-39.1.Ā Real property mortgage as additional security; prohibition
No retail installment contract, retail charge account or separate instrumentĀ executed in connection therewith shall contain any provision whereby the retailĀ seller, sales finance company or holder takes a real property mortgage asĀ additional security in connection with a retail sale. Any such provision shallĀ be void and unenforceable.
L.1981, c. 324, s. 2, eff. Dec. 9, 1981.
Ā
No retail installment contract, retail charge account or separate instrumentĀ executed in connection therewith shall contain any provision whereby the retailĀ seller, sales finance company or holder takes a real property mortgage asĀ additional security in connection with a retail sale. Any such provision shallĀ be void and unenforceable.
L.1981, c. 324, s. 2, eff. Dec. 9, 1981.
Ā
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