N.J.S.A. 31:1-4 — Borrower may compel discovery, and acceptance of principal alone

31:1-4. Borrower may compel discovery, and acceptance of principal alone Any borrower of money or other personal property may by action in the Superior Court against the lender, or in any discovery proceeding, compel him to discover, upon oath, the money or other personal property really lent, and all agreements, devices, shifts, bargains, contracts and conveyances which shall have passed between them relative to such loan, or the repayment thereof, and the interest or consideration for the same. If thereupon it shall appear that more than lawful interest was taken or reserved the lender shall be obliged to accept his principal money, or the personal property or the value thereof, without any interest or other consideration, and to pay costs. Amended by L.1953, c. 30, p. 551, s. 3.

This is the verbatim text of N.J.S.A. 31:1-4, 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.