Fourteenth Ward Building & Loan Ass'n v. Potter

Foster, V. C.

This is an action to foreclose a mortgage dated October 11th, 1913, given by the defendants Joseph E. Potter and wife, to the complainant to secure the payment of a loan of $4,000 with interest, covering lands in East Orange. At the time of obtaining the loan Potter subscribed for twenty shares of complainant’s stock, and assigned this stock to complainant as collateral security for the loan.

On February 7th, 1914, the defendant Dora Katz purchased the mortgaged premises subject to complainant’s mortgage.

The defendant Dora Katz did not pay the taxes assessed upon the mortgaged…