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ATLANTIC SEABOARD CO. v. BOROUGH OF SEASIDE PARK

3 N.J. Super. 501 (1949)

67 A.2d 322

ATLANTIC SEABOARD COMPANY, A CORPORATION OF THE STATE OF NEW JERSEY, PLAINTIFF, v. THE BOROUGH OF SEASIDE PARK, IN THE COUNTY OF OCEAN, A MUNICIPAL CORPORATION ET AL., DEFENDANTS.

Superior Court of New Jersey, Chancery Division.

Decided July 11, 1949.

Attorney(s) appearing for the Case

Mr. David Novack, for the plaintiff.

Mr. Walter Carson, for the defendants.

ROGERS, J.S.C.

This is a suit to foreclose a mortgage. Arlington Beach Company gave its mortgage in 1929 to Tradesmen's National Bank and Trust Company for $75,000 as accommodation collateral for a loan of $50,000 made to Cummings Brothers Company evidenced by the latter's promissory note endorsed by William H. Cummings and George S. Cummings (the latter now deceased). The Cummings were the principal owners and operators of each of these corporations. The mortgagor...

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