Bogosian v. First National Bank of Millburn

The bill, in two counts, prays cancellation of two mortgages. One is a mortgage made by complainant and wife to defendant bank, dated August 27th, 1924, securing complainant's bond of even date for $20,000, payable in one year. No consideration was advanced when the bond and mortgage were given but the complainant was then indebted to the bank on notes made by him in the sum of $22,895, and was secondarily liable for $2,100 on a note of Union Silk Co., endorsed by complainant. Complainant alleges that the mortgage was given to secure $20,000 of his own notes, while the bank, by its answer,…