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CONTINENTAL BANK OF PA. v. BARCLAY RIDING ACAD.

93 N.J. 153 (1983)

459 A.2d 1163

CONTINENTAL BANK OF PENNSYLVANIA, PLAINTIFF-APPELLANT, v. BARCLAY RIDING ACADEMY, INC., NOW KNOWN AS BARCLAY EQUESTRIAN CENTER, INC., A NEW JERSEY CORPORATION, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided May 9, 1983.

Attorney(s) appearing for the Case

George F. Kugler, Jr., argued the cause for appellant (Archer & Greiner, attorneys; Morton Newman and William E. Taylor, III, members of the Pennsylvania bar, and Stephen M. Orlofsky, of counsel).

W. Barry Rank argued the cause for respondent (Weston, Kravitz & Rank, attorneys).

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

This is an action to foreclose a mortgage given by Barclay Riding Academy, Inc. ("Barclay")1 to Continental Bank of Pennsylvania ("Continental"). At issue is whether the mortgage is void because (1) it violates the anti-tying provisions of Section 1972(1)(C) of the Bank Holding Company Act, 12 U.S.C. §§ 1971-1978, as amended (the "Act"); (2) it was given without consideration...

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