Bank Leumi Trust Co. v. Schneider

MARZULLI, J. S. C.

The issue addressed by this opinion is whether a foreign bank purchasing mortgages and receiving monthly payments thereon must comply with the Corporation Business Activities Reporting Act (hereinafter the Reporting Act), N.J.S.A. 14A:13-14 et seq.

Plaintiff is a bank, incorporated in the State of New York, and is not registered to do business in the State of New Jersey. Other than collecting mortgage payments from residents of New Jersey, plaintiff has no other business transactions in this State.

Plaintiff brought suit on a note and mortgage executed by defendant. The…