FIRST NATIONAL BANK OF TOMS RIVER, N. J. v. MARINE CITY, INC.

Nos. 17566, 17567.

411 F.2d 674 (1969)

The FIRST NATIONAL BANK OF TOMS RIVER, N. J., a national banking association; New Jersey Business Development Corporation, a corporation of New Jersey; and Peoples National Bank in Lakewood, a national banking association v. MARINE CITY, INC., a corporation of New Jersey et al. MAGMAT CONSTRUCTION CO., Inc., a N. J. Corporation, Rel Yacht Sales, Inc., a corporation of New Jersey v. Eugene P. FOLEY, Administrator of Small Business Administration; Small Business Administration, a Federal Governmental Agency organized and existing pursuant to the laws of the U. S., having an office for the transaction of business at 1115 Chestnut St., Phila., Pa.; et al. Magmat Construction Co., Inc., Appellant in No. 17,566, Albert Kushinsky, Appellant in No. 17,567.

United States Court of Appeals Third Circuit.

Decided May 21, 1969.


Attorney(s) appearing for the Case

Albert Kushinsky, Kushinsky & Gans, Toms River, N. J., for appellants.

Elliot Scher, Asst. U. S. Atty., Newark, N. J. (David M. Satz, Jr., U. S. Atty., Newark, N. J., on the brief), for appellees.

Before KALODNER, FREEDMAN and SEITZ, Circuit Judges.


OPINION OF THE COURT

FREEDMAN, Circuit Judge.

We must thread our way through a labyrinth to reach the issue presented to us by this appeal.

On December 27, 1962 Magmat Construction Co., Inc. (Magmat) entered into contracts with Sica Skiffs, Inc. (Sica) under which Magmat agreed to build certain improvements on Sica's premises in New Jersey for a total contract price of approximately $498,000. Sica later deeded a portion of the premises to its wholly...

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