Notarmaso v. Goodman

WOLFSON, J.S.C.

I. Factual and Procedural Background

This action arises out of a failed real estate transaction, in which Richard Goodman,1 at one time a licensed real estate broker, received, but misappropriated the plaintiffs’ deposit monies. The novel issue presented in this case is one of statutory construction, which requires me to ascertain whether the Legislature intended the New Jersey Guaranty Fund to provide compensation under the circumstances of this case.

The relevant facts are undisputed. Plaintiffs, Michael and Kathleen Notarmaso, entered into a contract to purchase certain…