Ocean City Title, C., Co. v. Strand Properties

The petitioner alleges that during the year 1926 he loaned to Ralph L. Chester, Incorporated, a New Jersey corporation, the sum of $100,000, and that as security therefor assignments of various mortgages on real estate were made to him; that from time to time payments have been made until there is now due on the same the sum of $32,500, together with interest; that on or about May 17th, 1927, he entered into an agreement with the said Ralph L. Chester, Incorporated, and with Ralph L. Chester personally, that he would accept for the balance then due him, $73,500, a note signed by Ralph L.…