New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 15-6

A fiduciary holding a mortgage or interests in a mortgage or mortgages may, upon the maturity of the mortgage debt, or of a portion thereof, in the exercise of good faith and reasonable discretion, continue to hold, or enter into agreement for the extension or renewal of, such mortgage or interests in the mortgage or mortgages, notwithstanding that the estimated worth or appraised value of the mortgaged real estate shall have depreciated so that the mortgage lien then exceeds the proportion to the estimated worth or appraised value of the mortgaged real estate applicable to mortgage investments by such fiduciary, or that the mortgaged real estate may then have become subject to unpaid taxes, assessments or other municipal liens.