State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-5 > 54-5-114-10

54:5-114.10.  Foreclosure of omitted parties from equity of redemption; acquisition or cancellation of unforeclosed outstanding interest
    Any purchaser of a tax sale certificate under the act to which this act is a  supplement, or his assignee, who has heretofore or who shall hereafter foreclose said tax sale certificate within the time in which he was or shall be  required to foreclose the equity of redemption and record the final judgment or  decree, or otherwise has or shall have complied with the conditions  appertaining to his said purchase but who has or shall have failed to fully  foreclose the said equity of redemption by reason of the inadvertent omission  of a party or parties who had or shall have an interest in the property  affected by said tax sale certificate, shall have the right to bring an action  to foreclose the said omitted party or parties from his or their equity of  redemption or interest in said property, either by an action in the nature of  strict foreclosure or reforeclosure, or similar action.  In lieu of any such  action the purchaser may acquire any outstanding unforeclosed interest or  obtain a cancellation thereof by release, discharge or otherwise. In the case  of any such omission, the original foreclosure action or proceeding shall be  deemed a substantial compliance with the act to which this act is a supplement,  notwithstanding the omission.  The bringing of a subsequent action or the  acquisition or cancellation of an unforeclosed outstanding interest, under the  provisions of this section shall in nowise invalidate the rights of the  purchaser or his assignee in and to the said tax sale certificate.

     L.1950, c. 169, p. 366, s. 1.  Amended by L.1953, c. 51, p. 910, s. 100.