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MAPLEWOOD BANK v. SEARS, ROEBUCK AND CO.

265 N.J. Super. 25 (1993)

625 A.2d 537

MAPLEWOOD BANK AND TRUST, PLAINTIFF-RESPONDENT, v. SEARS, ROEBUCK AND CO., DEFENDANT-COUNTER-CLAIMANT APPELLANT, AND EDWARD CAPERS, TERRE CAPERS AND NEW JERSEY SAVINGS BANK, DEFENDANTS.

Superior Court of New Jersey, Appellate Division.

Decided May 27, 1993.

Attorney(s) appearing for the Case

Steven P. McCabe argued the cause for appellant (Pressler and Pressler, attorneys; Mr. McCabe on the brief).

Alan R. Ostrowitz argued the cause for respondent (Ostrowitz & Ostrowitz, attorneys; Laura J. Hyman on the brief).

Before Judges COLEMAN, J.H. and ARNOLD M. STEIN.

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

This appeal requires us to decide whether a first mortgage lender or a fixture financier is entitled to priority in the funds realized from a foreclosure sale of the mortgaged premises. We hold that a first mortgagee is entitled to priority in such funds.

Plaintiff Maplewood Bank and Trust is the holder of a first purchase money mortgage dated September 20, 1988 and recorded on October 5, 1988...

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