46:5-5. Conveyance by quitclaim prior to July 4, 1931; effect after record as conveyance by deed of bargain and sale; exceptions

Whenever any conveyance or instrument executed and delivered prior to July fourth, one thousand nine hundred and thirty-one, shall have purported to remise, release or quitclaim to the grantee therein any claim to or estate or interest in the lands described therein, such conveyance or instrument shall, if the same shall have been, or shall after said date be, acknowledged or proved and recorded with the same formality and in the same manner as was or is required at the date of the execution and delivery thereof or at the date of the record thereof for the making, executing, acknowledging or proving of deeds of bargain and sale, be effectual to pass all the estate which the grantor could lawfully convey by deed of bargain and sale, except such claim to or estate or interest in the affected lands as shall have been particularly reserved to the grantor therein.

If, however, the grantor or anyone claiming title through him in any such conveyance or instrument, shall not, prior to or within one year after July fourth, one thousand nine hundred and thirty-one, have instituted some appropriate action against his grantee, or some one claiming title through such grantee, to have the effect of such conveyance or instrument construed and held to operate in some other manner than in this section provided, and shall not, prior to or within one year after July fourth, one thousand nine hundred and thirty-one, file a notice of the pendency of such action as provided by sections 2:26-27 to 2:26-39 of the title Administration of Civil and Criminal Justice, such grantor, or anyone claiming title through him, shall forever, after one year from July fourth, one thousand nine hundred and thirty-one, be barred from any claim, estate or interest which shall pass under and by virtue of the force and effect given to such conveyance or instrument by the provisions of this section; but, if such grantor, or anyone claiming title through him, shall have complied with the provisions of this section as to the institution of action and the filing lis pendens, any such conveyance or instrument as was or is involved in any such action shall be construed and held to operate in accordance with the final judgment or decree of the court in which such action shall have been instituted, or in accordance with the judgment or decree of any appellate court to which such judgment or decree shall have been or eventually may be carried.