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N.J. BANK v. AZCO REALTY CO., INC.

148 N.J. Super. 159 (1977)

372 A.2d 356

NEW JERSEY BANK, (NATIONAL ASSOCIATION), A CORPORATION OF THE UNITED STATES OF AMERICA, PLAINTIFF-APPELLANT, v. AZCO REALTY CO., INC., A NEW JERSEY CORPORATION, NATIONAL COMMUNITY BANK, A BANKING ASSOCIATION OF THE UNITED STATES OF AMERICA AND STATE OF NEW JERSEY, DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided March 15, 1977.

Attorney(s) appearing for the Case

Mr. Allan A. Maki attorney for appellant.

Messrs. Fasolo and Krause attorneys for respondent National Community Bank (Mr. William A. Fasolo, of counsel and Mr. Bruce H. Dexter on the brief).

Before Judges BISCHOFF, MORGAN and KING.

The opinion of the court was delivered by KING, J.S.C., Temporarily Assigned.

Plaintiff New Jersey Bank (NJB) appeals a final judgment following a nonjury trial in the Chancery Division awarding priority in a foreclosure action against Azco Realty to a later recorded mortgage executed by National Community Bank (NCB). We reverse.

The essential facts are undisputed. On July 16, 1973 NJB lent Azco $67,000. This...

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