New_jersey Statute | Act | Code |Title 46 Property| US Code - US Statute

46:9-8. Purchase money mortgage over judgments Whenever real estate situate in this state is or shall be sold and conveyed, and a mortgage is given by the purchaser at the same time, on the real estate sold, to secure the payment of the purchase money or any part thereof, such mortgage shall be preferred to any previous judgment which may have been obtained against such purchaser. 46:9-8.1. Definitions 1. As used in this act: a. ~Mortgage loan~ means any loan or line of credit, except a construction loan, which states a maximum specified principal amount and which is secured by an interest in real property. b. ~Construction loan~ means a loan for a fixed term of no more than three years which is secured by a lien on real property and which is made by the lender for the sole purpose of financing the erection, construction, completion, addition to, alteration or repair of improvements to real property. c. ~Line of credit~ means an agreement whereby a lender is obligated to provide a specified amount of credit to a borrower from time to time. The agreement may include provisions to amend or change the interest rate or terms of repayment and shall be an obligation for the purposes of this section notwithstanding the inclusion of one or more of the following limitations and conditions: (1) An expiration date of the agreement or an option of the lender to cancel the agreement on notice to the borrower; (2) The financial condition of any borrower; (3) Continued compliance by the borrower with the terms of the agreement and any mortgage or security agreement securing the amounts advanced pursuant to the agreement; (4) The absence of an adverse change in the value or condition of any collateral securing the agreement; (5) A requirement of certain procedures for activating the obligation to make advances pursuant to the agreement; or (6) A decision of the lender not to continue to engage in the business of providing lines of credit on terms similar to the agreement. d. ~Modification~ means: (1) With respect to a mortgage loan other than a line of credit, a change in the interest rate, due date or other terms and conditions of a mortgage loan except an advance of principal; or (2) With respect to a line of credit, a change in the interest rate, due date or other terms and conditions and an advance of principal made pursuant to the line of credit but only to the extent that the advance does not cause the principal balance due to exceed the principal amount stated in the line of credit plus accrued interest; (3) Payments for taxes, assessments and insurance and other payments made by the mortgagee pursuant to the terms of the mortgage or line of credit are included with the amounts which have priority pursuant to section 2 of P.L.1985, c.353 (C.46:9-8.2) and are not included in the phrase ~advance of principal;~ (4) ~Modification~ does not include a substitution in the collateral. L.1985,c.353,s.1; amended 1997, c.427, s.1; 1998, c.130. 46:9-8.2. Priority preserved 2. Notwithstanding any other law to the contrary, the priority of the lien of a mortgage loan which has undergone a modification, as defined by this act, shall relate back to and remain as it was at the time of recording of the original mortgage as if the modification was included in the original mortgage or as if the modification occurred at the time of recording of the original mortgage. The priority granted by this section shall not apply to any balance due in excess of the maximum specified principal amount which is secured by the mortgage, plus accrued interest, payments for taxes and insurance, and other payments made by the mortgagee pursuant to the terms of the mortgage. L.1985,c.353,s.2; amended 1991,c.364. 46:9-8.3. No outstanding indebtedness The priority of the lien of a mortgage loan shall not be affected by the fact that there may not have been any outstanding indebtedness at some time or times during the term specified in the mortgage. L. 1985, c. 353, s. 3, eff. Nov. 9, 1985. 46:9-8.4. Prior recorded liens Liens of mortgage loans recorded prior to the effective date of this act: a. With respect to liens effective prior to the effective date of this act, shall continue the same priority position pursuant to the law in effect prior to this act, and b. With respect to liens effective on or after the effective date of this act, shall have the priority provided in this act as if the mortgage loan recorded prior to the effective date of this act was recorded at the time this act became effective. L. 1985, c. 353, s. 4, eff. Nov. 9, 1985. 46:9-8.5 Title insurance to continue in effect despite modification to mortgage loan; exception. 2. If a holder of a mortgage loan has insured the holder@s interest in the real property securing the mortgage loan with title insurance issued in accordance with the ~Title Insurance Act of 1974,~ P.L.1975, c.106 (C.17:46B-1 et seq.) and a modification has been made in the mortgage loan which continues the priority of the original mortgage as provided in section 2 of P.L.1985, c. 353 (C.46:9-8.2), the title insurance shall continue in effect whether or not the modification agreement is recorded on the records of the county where the mortgage is recorded, unless the terms of the title insurance policy explicitly provide that the policy will not continue to apply if a modification of a mortgage loan takes place pursuant to P.L.1985, c.353 (C.46:9-8.1 et seq.). L.1997, c.427,s.2.

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