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FIRST NAT. BANK OF CHICAGO v. BMPA

768 A.2d 1066 (2001)

338 N.J. Super. 324

FIRST NATIONAL BANK OF CHICAGO as Trustee for the Benefit of the Holders of Commercial Mortgages Pass-Through Certificates, Series 1994-C2, Plaintiff-Respondent, v. BRIDGETON MUNICIPAL PORT AUTHORITY, Defendant-Appellant.

Superior Court of New Jersey, Appellate Division.

Decided March 23, 2001.

Attorney(s) appearing for the Case

David F. Raczenbek, Bridgeton, argued the cause for appellant (Casarow, Kienzle & Raczenbek, attorneys; Mr. Raczenbek, on the brief).

Patricia A. Celano, Newark, argued the cause for respondent (McCarter & English, attorneys; Joseph Lubertazzi, Jr., of counsel; Ms. Celano, on the brief).

Before Judges KING, COBURN and AXELRAD.

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

The question presented is whether a mortgagee can foreclose on a municipal port authority's real estate. Since the answer is no and another remedy is available to enforce payment of the promissory note, we reverse the judgment of foreclosure and remand for further proceedings.

The relevant facts are not in dispute. In 1985, defendant Bridgeton Municipal Port Authority ("BMPA"), an entity created pursuant...

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