79-83 Thirteenth Ave. Limited v. De Marco, A--910
Decision Date | 15 May 1964 |
Docket Number | No. A--910,A--910 |
Citation | 200 A.2d 506,83 N.J.Super. 497 |
Parties | 79--83 THIRTEENTH AVE. LTD., a limited partnership association of New Jersey, Plaintiff-Respondent, v. Teresa DE MARCO, Joseph De Marco, Louis De Marco and Doris De Marco, Defendants-Appellants. |
Court | New Jersey Superior Court — Appellate Division |
Ronald G. Targan, Newark, for plaintiff-respondent.
Jacob Levine, Newark, for defendants-appellants (Frank Metro, Newark, attorney).
Before Judges GAULKIN, FOLEY and LEWIS.
We affirm generally on the opinion of Judge Conklin, 79 N.J.Super. 47, 190 A.2d 391 (Law Div.1963).
Defendant argues that it is most unfair that the maker of a note secured by a mortgage on realty does not have the same right as the maker of a bond similarly secured, to a credit for the fair value of the land when he is sued for a deficiency after foreclosure. But, as Judge Conklin pointed out, we are bound by the statutes.
When the statutes in question were adopted, the use of notes in mortgage transactions was uncommon. As early as 1934 it was said, prophetically (Eisenberg & Spicer, 'Mortgage Deficiencies In New Jersey,' 3 Mercer Beasley L.Rev. 27, 41, quoted by Judge Conklin in 79 N.J.Super., at p. 52, 190 A.2d at p. 394):
In his article, 'Note Or Bond With Mortgage--Whither The Difference,' 86 N.J.L.J. 572 (Oct. 17, 1963), Saul Tischler said:
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...secured by the mortgage, 79-83 Thirteenth Ave., Ltd. v. DeMarco, 79 N.J.Super. 47, 55, 190 A.2d 391 (Law Div.1963), aff'd 83 N.J.Super. 497, 200 A.2d 506 (App.Div.1964), aff'd 44 N.J. 525, 210 A.2d 401 (1965), but is not res judicata as to the defendant's liability for any deficiency. Ehnes......
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