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GENERAL G.M.C. SALES, INC. v. PASSARELLA

195 N.J. Super. 614 (1984)

481 A.2d 307

GENERAL G.M.C. SALES, INC., A CORPORATION OF THE STATE OF NEW JERSEY, PLAINTIFF-RESPONDENT, CROSS-APPELLANT, v. ROGER S. PASSARELLA, CLAIRE PASSARELLA AND RUSSELL PASSARELLA, DEFENDANTS-APPELLANTS, CROSS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided August 29, 1984.

Attorney(s) appearing for the Case

Robert A. Goodsell argued the cause for defendants (Irwin, Post & Rosen, attorneys; Robert A. Goodsell, on the brief).

Andrew J. Wilson argued the cause for plaintiff (Laird & Wilson, attorneys; Andrew J. Wilson, on the brief).

Before Judges BOTTER, PRESSLER and O'BRIEN.

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

The principal issue on this appeal is whether plaintiff, a mortgagee, is entitled to have the balance of its mortgage debt paid in full out of fire insurance proceeds or whether the defendants, property owners, have the right to use the insurance proceeds to rebuild buildings which were substantially destroyed by fire, thus preserving the mortgage security. The trial judge ordered that a portion of the fund...

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