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STUBBS v. SECURITY CONSUMER DISCOUNT CO.

85 N.J. 353 (1981)

426 A.2d 1014

GUSSIE LEE STUBBS, FLORENCE STEVENSON AND FANNIE M. DOSS, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, PLAINTIFFS-APPELLANTS, v. SECURITY CONSUMER DISCOUNT COMPANY, KENBEE MORTGAGE COMPANY, LEONARD MOONBLATT AND FIDELITY BANK, DEFENDANTS-RESPONDENTS.

The Supreme Court of New Jersey.

Decided March 19, 1981.

Attorney(s) appearing for the Case

Kenneth E. Meiser, Deputy Director, argued the cause for appellants (Stanley C. Van Ness, Public Advocate, attorney).

Mark S. Rattner, Deputy Attorney General, argued the cause for amicus curiae New Jersey Commissioner of Banking (John J. Degnan, Attorney General of New Jersey, attorney; Stephen Skillman, Assistant Attorney General, of counsel).

George F. Kugler, Jr., argued the cause for respondents (Archer, Greiner and Read, attorneys).

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

This appeal involves a class action by 162 low income homeowners against Security Consumer Discount Company (Security) and its successors in interest.1 Plaintiffs seek to have certain secondary mortgage loans issued by Security declared void and unenforceable2 as executed in violation of the Secondary Mortgage Loan...

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