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SPIOTTA v. SHELTER COVE ESTATES

68 N.J. Super. 457 (1961)

172 A.2d 715

JOSEPH SPIOTTA, PLAINTIFF-RESPONDENT, v. SHELTER COVE ESTATES, A CORPORATION OF THE STATE OF NEW JERSEY, DEFENDANT, AND REID CONTRACTING CO., INC., A CORPORATION OF THE STATE OF NEW JERSEY, DEFENDANT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided July 3, 1961.

Attorney(s) appearing for the Case

Mr. David A. Friedman argued the cause for appellant (Mr. Sido L. Ridolfi, attorney).

Mr. Benjamin Wasserman argued the cause for respondent.

Before Judges GOLDMANN, FOLEY and LEWIS.

The opinion of the court was delivered by FOLEY, J.A.D.

Defendant Reid Contracting Co., Inc. appeals from a final judgment in a foreclosure action.

The basic facts are not in dispute. On April 9, 1958 defendant corporation sold a tract of unimproved land in Ocean County, N.J. to Shelter Cove Estates, a corporation. The purchase price was $245,000 of which $100,000 was paid at the closing, the balance being secured...

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