2A:50-8 - Action on bond where lien or mortgage has been extinguished by foreclosure of prior mortgage
2A:50-8. Action on bond where lien or mortgage has been extinguished by foreclosure of prior mortgage
When any debt is evidenced by a bond or a note and is secured by a mortgage on real property and the lien of the mortgage has been or shall be extinguished by the foreclosure of a prior mortgage and sale of the mortgaged premises, action on the bond or note shall be commenced within 1 year of the sale or, if confirmation was or is required, from the date of confirmation of the sale. All such actions not commenced within said period shall be thereafter completely and forever barred for lapse of time. However, the time during which any application for surplus moneys arising from the foreclosure of such prior mortgage shall be in litigation shall not be taken or computed as part of any such period of 1 year.
Amended by L.1979, c. 286, s. 7.