CONDOMINIUMS; LIENS—The statutory limited lien priority afforded to condominium liens does not apply to mortgages already recorded before April 1, 1996.
N.J.S. 46:8B-21 was designed to give a condominium association a lien for any unpaid assessment, but granted only a limited priority over mortgages recorded after April 1, 1996 and did not grant priority over mortgages already recorded as of April 1, 1996. Consequently, notwithstanding a condominium association’s reading of the statute to the contrary, a condominium association lien recorded by the association on February 18, 1997 was found not to have priority over a first mortgage lien that had been recorded on May 4, 1992.
Copyright ©2003. Meislik & Meislik. All rights reserved.