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MAYO v. CITY NAT. BANK AND TRUST CO.

56 N.J. 111 (1970)

265 A.2d 382

JOHN MAYO, PLAINTIFF-APPELLANT, v. CITY NATIONAL BANK AND TRUST COMPANY, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided May 18, 1970.

Attorney(s) appearing for the Case

Mr. Kent A. Losche argued the cause for the appellant (Messrs. Losche & Losche, attorneys).

Mr. David R. Rudd argued the cause for the respondent (Messrs. Raff, Scheider & Rudd, attorneys).

The opinion of the Court was delivered by HANEMAN, J.

This matter involves the question of the order of precedence of various creditors of an owner-builder to payment out of an installment of a construction mortgage.

On May 10, 1966, The City National Bank and Trust Company of Hackensack (City National Bank) signed a "Mortgage Commitment and Closing Instruction Sheet" agreeing to advance $750,000 to Fairleigh Arms, Inc. (Fairleigh)

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