# N.J. Stat. § 2A:50-2.3: Application of act

> New Jersey · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.3

## Section

- **Citation:** N.J. Stat. § 2A:50-2.3
- **Heading:** Application of act
- **Jurisdiction:** New Jersey
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NJ Code / Title 2A / Chapter 50 / Section 50-2.3

## Text

This act shall not apply to proceedings to collect a debt evidenced by a note and secured by a mortgage on real property in the following instances: a. Where the debt secured is for a business or commercial purpose other than a two-family, three-family or four-family residence in which the owner or his immediate family resides; b. Where the mortgaged property is other than a one-family, two-family, three-family or four-family dwelling in which the owner or his immediate family resides at the time of institution of proceedings to collect the debt; c. Where a banking institution, savings and loan association or building and loan association, operating pursuant to State or Federal law, is the lender or his assignee and the mortgage is not the primary security for the debt, as evidenced by (1) the financial condition of one or more persons directly or indirectly liable on the note, or (2) the giving of collateral in addition to the mortgage as security for the debt; d. Where a banking institution, savings and loan association, building and loan association or licensed secondary mortgage lender, operating pursuant to State or Federal law, is the lender, and the mortgage is given to secure payment of a loan evidenced by a note, and where the mortgage so given is subject to the lien or liens of a prior mortgage or mortgages not held by such institution or association or by any holder in which such institution or association has an interest or with which such institution or association has an affiliation. L.1979, c. 286, s. 13. Amended by L.1981, c. 333, s. 1, eff. Dec. 14, 1981.

## Nearby sections

- [N.J. Stat. § 2A:50-1 No personal deficiency judgment in foreclosure actions or execution thereon for balance due](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-1.md)
- [N.J. Stat. § 2A:50-2 Order of proceedings; foreclosure; action on bond; limitations; parties](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.md)
- [N.J. Stat. § 2A:50-2.1 Time for bringing action on note for deficiency](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.1.md)
- [N.J. Stat. § 2A:50-2.2 Agreement to waive rights; invalidity](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.2.md)
- [N.J. Stat. § 2A:50-2.3 Application of act](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.3.md)
- [N.J. Stat. § 2A:50-2.4 Severability](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.4.md)
- [N.J. Stat. § 2A:50-3 Answer disputing amount of deficiency; determination of amount](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-3.md)
- [N.J. Stat. § 2A:50-4 Judgment in action on bond as opening foreclosure and sale; right of redemption; time for bringing action to redeem](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-4.md)
- [N.J. Stat. § 2A:50-5 Answer in action on bond disputing amount of deficiency as termination of right to redeem; foreclosure and sale not to be opened](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-5.md)
- [N.J. Stat. § 2A:50-6 Bonds; notice of proposed judgment by confession or action on](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-6.md)
- [N.J. Stat. § 2A:50-7 Record of notice of proposed judgment by confession or action on bond; fees](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-7.md)
- [N.J. Stat. § 2A:50-8 Action on bond where lien or mortgage has been extinguished by foreclosure of prior mortgage](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-8.md)
- [N.J. Stat. § 2A:50-9 Judgment on bond not to open foreclosure and sale; right of redemption](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-9.md)
- [N.J. Stat. § 2A:50-10 Record of notice](https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-10.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NJ_T2A_C50_S50-2.3. Check the current official text before relying on it. Not legal advice.