The board of trustees shall cause actions to foreclose to be commenced without delay whenever the interest on bonds secured by mortgage held by the board as part of the school fund shall remain unpaid for six months. The board may discontinue the actions upon the payment of accrued interest and the costs of such actions.
N.J. Stat. Ann. § 18A:56-12
Mortgage foreclosure proceedings
Known as the New Jersey School Bond Reserve Act
The act spans §§ 18A:56-1 to 18A:56-9 (21 sections).
L.1967, c.271.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.