79-83 Thirteenth Avenue, Ltd. v. DeMarco

The opinion of the court was delivered by

Hall, J.

This is an action at law for a deficiency following the foreclosure of a first mortgage. The primary feature calling for our attention arises from the fact that the instrument evidencing the debt which the mortgage secured was in form a promissory note rather than the conventional mortgage bond. Defendants, who were the mortgagors and makers of the note, claimed by their answer the benefit of N. J. S. 2A:50-3, originally enacted as L. 1933, c. 82, which provides:

“The obligor in any bond * * * given after March 29, 1933, may file an answer in an…