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CARNEGIE BANK v. SHALLECK

256 N.J. Super. 23 (1992)

606 A.2d 389

CARNEGIE BANK, PLAINTIFF, APPELLANT-CROSS-RESPONDENT, v. ALAN B. SHALLECK AND GEORGIA MYERS SHALLECK, HIS WIFE, DEFENDANTS, RESPONDENTS-CROSS-APPELLANTS, AND AEGIS ENERGY SYSTEM, INC., A PENNSYLVANIA CORPORATION, AEGIS SYSTEMS CORPORATION, INC., A PENNSYLVANIA CORPORATION, ANN J. ANDERSON, DALE HAGAN, CROSSROADS MARKETING, INC., BANK OF COMMERCE, AND INTERNAL REVENUE SERVICE OF THE UNITED STATES OF AMERICA, DEFENDANTS.

Superior Court of New Jersey, Appellate Division.

Decided April 9, 1992.

Attorney(s) appearing for the Case

Bruce H. Snyder argued the cause for appellant-cross-respondent (Lasser, Hochman, Marcus, Guryan and Kuskin, attorneys; Bruce H. Snyder on the brief).

Richard S. Goldman argued the cause for respondents-cross-appellants (Drinker, Biddle & Reath, attorneys; Richard S. Goldman on the brief).

Dennis R. Casale and Audrey D. Wisotsky filed an amicus curiae brief on behalf of the New Jersey Bankers Association (Jamieson, Moore, Peskin & Spicer, attorneys; Dennis R. Casale, of counsel; Dennis R. Casale and Audrey D. Wisotsky on the brief).

Before Judges J.H. COLEMAN, STERN and KEEFE.

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

The novel issue raised in this appeal is whether a mortgage note or promissory note requiring repayment at a variable interest rate renders the instrument non-negotiable. Another significant issue raised is whether N.J.S.A. 46:9-9, which permits a mortgagor to raise personal defenses and claims against an assignee of the mortgage, applies to a holder in due course of a mortgage note or promissory...

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