2A:50-31 - Sale pending foreclosure
2A:50-31.Ā Sale pending foreclosure
When, in an action for the foreclosure or satisfaction of a mortgage covering real or personal property, or both, the property mortgaged is of such a character or so situated as to make it liable to deteriorate in value or to make its care or preservation difficult or expensive pending the determination of the action, the superior court may, before judgment, upon the application ofĀ any party to the action, order a sale of the mortgaged property to be made atĀ public or private sale through a receiver, sheriff, or otherwise, as the courtĀ may direct.Ā The proceeds of any such sale shall be brought into court, thereĀ to remain subject to the same liens and equities of the parties in interest asĀ was the mortgaged property and to be disposed of as the court shall, by orderĀ or judgment, direct.
Ā
L.1951 (1st SS), c.344.
Ā
When, in an action for the foreclosure or satisfaction of a mortgage covering real or personal property, or both, the property mortgaged is of such a character or so situated as to make it liable to deteriorate in value or to make its care or preservation difficult or expensive pending the determination of the action, the superior court may, before judgment, upon the application ofĀ any party to the action, order a sale of the mortgaged property to be made atĀ public or private sale through a receiver, sheriff, or otherwise, as the courtĀ may direct.Ā The proceeds of any such sale shall be brought into court, thereĀ to remain subject to the same liens and equities of the parties in interest asĀ was the mortgaged property and to be disposed of as the court shall, by orderĀ or judgment, direct.
Ā
L.1951 (1st SS), c.344.
Ā