[§657D-61] Stay of enforcement of obligations, liabilities, taxes. (a) A person, at any time during the person's period of military service or within sixty days thereafter, may apply to a court for relief from any obligation or liability incurred by that person prior to the person's period of military service or for relief of any tax or assessment whether falling due prior to or during the person's period of military service. The court, after appropriate notice and hearing, unless in its opinion the ability of the applicant to comply with the terms of such obligation or liability or to pay such tax or assessment has not been materially affected by reason of the applicant's military service, may grant the following relief:
(1) In the case of an obligation payable under its terms in installments under a contract for the purchase of real estate, or secured by a mortgage or other installment in the nature of a mortgage upon real estate, a stay of the enforcement of the obligation during the applicant's period of military service and, from the date of termination of such period of military service or from the date of application if made after such service, for a period equal to the period of the remaining life of the installment contract or other instrument plus a period of time equal to the period of military service of the applicant, or any part of such combined period, subject to payment of the balance of principal and accumulated interest due and unpaid at the date of termination of the period of military service or from the date of application, as the case may be, in equal installments during the combined period at the rate of interest on the unpaid balance as is prescribed in the contract, or other instrument evidencing the obligation, for installments paid when due, and subject to other terms as may be just; and
(2) In the case of any other obligation, liability, tax, or assessment, a stay of the enforcement thereof during the applicant's period of military service and, from the date of termination of such period of military service or from the date of application if made after such service, for a period of time equal to the period of military service of the applicant or any part of such period, subject to payment of the balance of principal and accumulated interest due and unpaid at the date of termination of such period of military service or from the date of application, as the case may be, in equal periodic installments during such extended period at such rate of interest as may be prescribed for such obligation, liability, tax, or assessment, if paid when due, and subject to such other terms as may be just.
(b) When any court has granted a stay as provided in this section, no fine or penalty by reason of failure to comply with the terms or conditions of the obligation, liability, tax, or assessment as to which the stay was granted, shall accrue during the period in which the terms and conditions of the stay are complied with. [L 1994, c 257, pt of §2]
Section: Previous 657d-35 657d-36 657d-37 657d-38 657d-41 657d-42 657d-43 657d-51 657d-52 657d-53 657d-61 657d-62 657d-63 NextLast modified: October 27, 2016