N.J.S.A. 17:16C-39.1

Real property mortgage as additional security; prohibition

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

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This is the verbatim text of N.J.S.A. 17:16C-39.1, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.

N.J.S.A. 17:16C-39.1 — Real property mortgage as additional security; prohibition | Kyzer