New Jersey Mortgage Finance Agency v. McCrane

The opinion of the court was delivered by

Proctor, J.

Plaintiffs, New Jersey Mortgage Finance Agency and James C. Brady, Jr., The Commissioner of Banking (hereinafter Agency) brought this action to obtain a declaratory judgment (N. J. S. A. 2A:16-50 et seq.) that the1 New Jersey Mortgage Finance Agency Law (herein after Law), L. 1970, c. 38, N. J. S. A. 17:1B-4 et seq., is ■ valid and constitutional. The action was filed after the defendant State Treasurer refused to lend money authorized by the Law for the use of the Agency. The Treasurer’s refusal was based on his doubts of the Law’s…