Wilson v. Moorland Farms Corp.

This suit is brought to foreclose a purchase-money mortgage given by the Moorland Farms Corporation, a corporation of New Jersey, to the Standard Agricultural Chemical Corporation, a corporation of Delaware. By deed dated November 14th, 1924, and recorded November 22d 1924, the Standard Agricultural Corporation, then the owner of the lands in question, sold and conveyed the same to the Moorland Farms Corporation, for the sum of $500,000. The purchase price was paid and secured as follows: The sum of $15,000 was paid in cash, an underlying mortgage for $10,000 was assumed, the grantee gave its…