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N.Y. & SUBURBAN FED. SAV. & LOAN ASS'N v. SANDERMAN

162 N.J. Super. 216 (1978)

392 A.2d 635

NEW YORK AND SUBURBAN FEDERAL SAVINGS AND LOAN ASSOCIATION, A SAVINGS AND LOAN ASSOCIATION DULY ORGANIZED AND EXISTING UNDER THE LAWS OF THE UNITED STATES OF AMERICA, PLAINTIFF, v. RICHARD SANDERMAN AND C. REVA SANDERMAN, HIS WIFE; LOUIS CESARANO AND ANNA CESARANO, HIS WIFE: PHILIP TATZ; BERNARD BERGMAN: CHARLES BICK: FEDERAL DEPOSIT INSURANCE CORPORATION, AS RECEIVER FOR FRANKLIN NATIONAL BANK; STATE OF NEW JERSEY, DIVISION OF TAXATION, DEPARTMENT OF TREASURY; STATE OF NEW JERSEY, DEFENDANTS.

Superior Court of New Jersey, Chancery Division.

Decided August 15, 1978.

Attorney(s) appearing for the Case

Mr. Edward Gross for plaintiff (Messrs. Gross & Novak, attorneys).

Mr. Ernest Allen Cohen for defendant Federal Deposit Insurance Corporation as liquidator of Franklin National Bank.

DWYER, J.S.C.

New York and Suburban Federal Savings and Loan Association (Association) commenced an action to foreclose a first mortgage it held against the lands and buildings which were formerly the Convalescent Hospital of the City of Newark.

In 1959 Newark declared the property surplus and sold it to Philip Tatz. Without my detailing the history of the title, Association has had a first mortgage on the subject premises since 1962. In the intervening years...

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