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SUMMIT TRUST CO. v. BAXT

755 A.2d 1214 (2000)

333 N.J. Super. 439

The SUMMIT TRUST COMPANY, Plaintiff-Respondent/Cross-Appellant, v. Sherwood BAXT and Saida Baxt, Defendants-Appellants/Cross-Respondents, and The Grove Mercantile Center, a New Jersey general partnership, Paul Hartman, Paul Baxt, Paula Baxt, Steven Roth, and Oak Electric Company, Defendants.

Superior Court of New Jersey, Appellate Division.

Decided July 26, 2000.

Attorney(s) appearing for the Case

Philip L. Guarino argued the cause for appellants/cross-respondents (Wolf Haldenstein Adler Freeman & Herz, attorneys; Helen Davis Chaitman, of counsel and on the brief).

Justin P. Walder, Roseland, argued the cause for respondent/cross-appellant (Walder, Sondak & Brogan, attorneys; Mr. Walder, of counsel and on the brief; John A. Grogan, on the brief).

Before Judges BROCHIN, EICHEN and WECKER.

The opinion of the court was delivered by BROCHIN, J.A.D. (retired and temporarily assigned on recall).

In October 1988, The Summit Trust Company ("Summit") made two construction loans for a total amount of 4.1 million dollars to The Grove Mercantile Center ("Grove"), a partnership, whose partners included appellants Sherwood Baxt and Saida Baxt. The loans were secured by real estate mortgages. Summit filed a foreclosure suit and Grove asserted a lender-liability...

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