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SHADOW LAWN SAVINGS AND LOAN ASS'N v. TRUHAN

192 N.J. Super. 96 (1983)

469 A.2d 94

SHADOW LAWN SAVINGS AND LOAN ASSOCIATION, PLAINTIFF-APPELLANT, v. JOHN S. TRUHAN, INDIVIDUALLY, AND FELLOWS, READ & WEBER, INC., DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided December 1, 1983.

Attorney(s) appearing for the Case

Stokes & Throckmorton, attorneys for appellant (Edward C. Stokes, III, on the brief).

Bathgate, Wegener, Wouters & Neumann, attorneys for respondents (William J. Wolf, on the brief).

Before Judges MICHELS, KING and DREIER.

The opinion of the court was delivered by DREIER, J.A.D.

This case raises a novel question in New Jersey law. If a lender receives property in excess of the value of the indebtedness in satisfaction of the loan, but has been injured by a third-party in a dollar amount less than the premium it received when it accepted the property in satisfaction, is the third-party liable to the lender? We hold that there is no such...

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