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A.T.E. FIN. SERVICES, INC. v. CORSON

111 N.J. Super. 254 (1970)

268 A.2d 73

A.T.E. FINANCIAL SERVICES, INC., A CORPORATION OF THE STATE OF NEW YORK, PLAINTIFF, v. J. DOUGLASS CORSON AND HARRY N. HAND, PARTNERS TRADING AS CORSON AND HAND, AND J. DOUGLASS CORSON, INDIVIDUALLY, AND HARRY N. HAND INDIVIDUALLY; MARINE NATIONAL BANK OF WILDWOOD, NEW JERSEY, A NATIONAL BANKING CORPORATION, TRUSTEE; DAVID C. INGERSOLL AND BENJAMIN C. INGERSOLL, III; ELLIS LOTHEIM, TRUSTEE FOR BOOKFIELD HOME MODERNIZERS, INC., A NEW JERSEY CORPORATION; GEORGIA M. SUMMERS AS ADMINISTRATRIX OF THE ESTATE OF FROST SUMMERS, DECEASED; NATIONAL NEWARK & ESSEX BANK, A NATIONAL BANKING ASSOCIATION; GUARANTEE BANK & TRUST COMPANY, A BANKING CORPORATION OF NEW JERSEY; DEE LUMBER CO. AND JAMES S. HESTON; AND MARINE NATIONAL BANK OF WILDWOOD, NEW JERSEY, A NATIONAL BANKING CORPORATION, DEFENDANTS.

Superior Court of New Jersey, Chancery Division.

Decided July 10, 1970.

Attorney(s) appearing for the Case

Mr. James A. Scarpone argued the cause for plaintiff (Messrs. Hellring, Lindeman & Landau, attorneys).

Mr. Maurice M. Hayman argued the cause for defendants J. Douglass Corson and Harry N. Hand, individually, and Corson and Hand, a partnership (Messrs. Hayman and Gorelick, attorneys).

Mr. Robert E. Kay argued the cause for defendant Marine National Bank of Wildwood, New Jersey (Messrs. Kay and Corino, attorneys).

FRITZ, J.S.C.

This is a mortgage foreclosure action. Defendant Marine National Bank contests plaintiff's right to foreclosure on the basis that plaintiff, A.T.E. Financial Services, Inc., being a limited partner of defendants-mortgagors at the time the mortgage was given, is proscribed from the taking of such a security by the terms of N.J.S.A. 42:2-17. This defendant seeks summary judgment to that effect. The sole issue on this motion concerns itself with...

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