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IN RE NEW ERA HOUSING CORPORATION

No. 7446.

117 F.2d 569 (1941)

In re NEW ERA HOUSING CORPORATION. Appeal of FORD et al.

Circuit Court of Appeals, Third Circuit.

Rehearing Denied February 24, 1941.

Attorney(s) appearing for the Case

L. Stanley Ford, of Hackensack, N. J. and Morris M. Ravin, of Newark, N.J., for appellants.

Thomas McNulty and Milton, McNulty & Augelli, all of Jersey City, N. J., for appellee.

Before BIGGS, MARIS, and GOODRICH, Circuit Judges.

BIGGS, Circuit Judge.

The debtor's subsidiary corporations, Riverview Lawns, Inc. and Saddle River Homesteads, Inc., gave mortgages to Ninth Federal Savings and Loan Association on twenty separate parcels of improved real estate. The debtor itself was engaged in conducting a real estate development. The two subsidiary corporations also owned other lands which were largely unimproved and these too were mortgaged to the Association. The building development ran into...

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