TRICO MORTGAGE CO., INC., PLAINTIFF-RESPONDENT,
v.
JORGE FORERO AND ROSA FORERO, DEFENDANT-APPELLANTS.
Superior Court of New Jersey, Appellate Division.https://leagle.com/images/logo.png
Argued on Reconsideration June 7, 1994.
Decided July 22, 1994.
Attorney(s) appearing for the Case
E. Robert Levy argued the cause for Mercury Capital Corporation (Levy, Lybeck, Bertele & Jaworski, attorneys; E. Robert Levy and Robert M. Jaworski on the brief).
Charles A. Weiss argued the cause for respondent (Riker, Danzig, Scherer, Hyland & Perretti, attorneys; Charles A. Weiss and Anthony J. Sylvester on the brief; co-counsel Fein, Such, Kahn & Shepard; Mitchell H. Berger on the brief).
Gregory G. Diebold argued the cause for appellant (Hudson County Legal Services Corp., attorneys; Gregory G. Diebold and Georgia Markouris on the brief).
Joseph L. Yannotti argued the cause on behalf of amicus curiae New Jersey Department of Banking (Deborah T. Poritz, Attorney General of New Jersey; Joseph L. Yannotti and Wayne A. Watkinson on the brief).
Michael F. Spicer submitted a brief on behalf of amicus curiae New Jersey Bankers Association (Jamieson, Moore, Peskin & Spicer, attorneys).
Before Judges STERN, KEEFE and NEWMAN.
Superior Court of New Jersey, Appellate Division.
The opinion of the court was delivered by NEWMAN, J.S.C. (temporarily assigned).
On this appeal the court is presented with the applicability of the Secondary Mortgage Loan Act, N.J.S.A. 17:11A-34 to -59.2, ("SMLA") to a mortgage loan, assigned on the day of closing to a licensed secondary mortgage loan company, where a portion of the proceeds was used to satisfy two existing mortgages, allowing the new mortgage...
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