N.J.S.A. 2A:50-11 — Penal sum of bond may be expressed in sum of debt; recovery for true amount

2A:50-11. Penal sum of bond may be expressed in sum of debt; recovery for true amount Whenever a bond secured by a mortgage shall be given for the same debt, the penal sum of the bond may be expressed in the sum of the debt instead of in a sum double the amount of the debt. In any action upon such bond, recovery may be had for the true amount due including the debt, interest, charges, advances, costs, and any other obligation, secured and evidenced by the terms and conditions of the bond and mortgage, in the same manner and to the same effect as though the penal sum expressed in the bond was double the amount of the debt. L.1951 (1st SS), c.344.

This is the verbatim text of N.J.S.A. 2A:50-11, 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.