Briscoe v. O'Connor

The bill alleges that in 1927 complainant bought a parcel of vacant land for $21,000 in the village of South Orange. Of the purchase price, $10,000 was paid in cash and the balance by Briscoe's bond and mortgage for $11,000 to the seller, Ridgewood Company. The mortgage was assigned to Frank A. O'Connor the defendant, who assigned it to the First National Bank of West Orange as collateral security. The mortgage contained a covenant to subordinate it to "the lien of a new first mortgage to be obtained upon said premises, said new first mortgage to be in a sum not to exceed seventy-five (75)…