Golden Realty Co. v. Grant Bldg. & Loan Ass'n
| Decision Date | 16 May 1932 |
| Docket Number | No. 75.,75. |
| Citation | 160 A. 499 |
| Parties | GOLDEN REALTY CO. v. GRANT BUILDING & LOAN ASS'N. |
| Court | New Jersey Supreme Court |
Appeal from Circuit Court, Essex County.
Suit by the Golden Realty Company against Grant Building & Loan Association. From a judgment for plaintiff, defendant appeals.
Affirmed.
Kalisch & Kalisch, of Newark, for appellant.
Hugo Woerner, of Newark, for respondent.
The defendant, the Grant Building & Loan Association, held a building and loan mortgage for $16,000 on a piece of property located in Orange and owned by one Raimondi, who executed the mortgage. The Golden Realty Company held a second mortgage upon this same property, also executed by Raimondi. Default having been made in the payment of this latter mortgage, the Golden Realty Company foreclosed it. After receiving a sheriff's deed, it tendered to the Grant Building & Loan Association $14,000 in satisfaction of its mortgage, it having been advised that this was the total amount of moneys advanced by the association for paying the construction cost of the building which was being erected on the premises of Raimondi, the owner. The Grant. Building & Loan Association refused to accept this sum in satisfaction of the mortgage, or any other sum less than the full amount thereof, and demanded as a condition to the cancellation of the mortgage the payment of that sum, namely, $16,000. As a result of this refusal, the plaintiff was unable to have the mortgage canceled on the record unless it complied with the defendant's demand, and this it did. Subsequent to the payment of this full amount, it brought the present suit to recover from the defendant the difference between the total sum of $16,000, which it had paid, and the amount actually due to the defendant at the time of such payment. The trial was had before the Circuit Court without a jury, and that court held that, on the proofs submitted, the amount due to the defendant upon its mortgage at the time of the tender of payment was $14,500, and directed judgment in favor of the plaintiff for $1,500. The defendant, has appealed from the judgment so directed.
The only ground upon which a reversal is asked is that the trial court erred in giving a judgment in favor of the plaintiff and against the defendant. Counsel for the respondent contends that this is not a valid ground of reversal, and this contention is meritorious. It frequently has been held by our courts that, where the appeal is taken directly...
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