Elna Realty Co. v. Mamaquarro Apartments Corp.

Defendants moved under rule 107, subdivision 5, of the Rules of Civil Practice, to dismiss the complaint upon the ground that “ there is an existing final judgment or decree of a court of competent jurisdiction rendered on the merits, determining the same cause of action between the parties.”

On December 4, 1928, the corporate parties, plaintiff and defendant, entered into a contract for the exchange of real property. The property owned by the defendant corporation, hereinafter referred to as “ Mamaquarro,” was valued at $300,000, mortgaged for $147,000, leaving an equity of $153,000. The…