Blum v. Sexton

On February 1st, 1929, the Jersey City Lumber Company executed a bond and mortgage for $40,000 to Charles Blum, the complainant herein; the defendant Michael J. Sexton guaranteed its payment. In May, 1932, the mortgage was in default and foreclosure proceedings were instituted. A decree for $41,133.32 was obtained and a sheriff's sale had under it; the premises sold for $500; this sum was credited to the amount due under the decree.

A deficiency suit was instituted in the New Jersey supreme court by the complainant against Sexton, on his guarantee, and a judgment by default was entered against…