Insights
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The New Jersey Law Journal published an article written by Day Pitney partner Joy Harmon Sperling and associate Sarah A. Sakson on May 19. The column discusses a recently published New Jersey Appellate Division ruling which clarified that New Jersey's Prepayment Law, N.J.S.A. 46:10B-1 to -11.1, which prohibits the imposition by a lender of a prepayment penalty in connection with the pay-off of a residential mortgage, does not apply to commercial transactions. According to the authors, the decision is a "welcome reassurance for banks, which oftentimes include prepayment penalty provisions in commercial loans to protect the banks' interests in the event of market changes."
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