Doughten v. Camden Building & Loan Ass'n
Supreme Court of New Jersey
On appeal from a decree advised by Vice-Chancellor Bird, who filed the following conclusions : The complainant held two mortgages on two lots of the defendant. She allowed the accruing payments to fall in arrears. She also allowed the taxes and assessments to remain unpaid.
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On appeal from a decree advised by Vice-Chancellor Bird, who filed the following conclusions : The complainant held two mortgages on two lots of the defendant. She allowed the accruing payments to fall in arrears. She also allowed the taxes and assessments to remain unpaid. The payments which she had made on the loans reduced the amount due from her to about $2,600. At this juncture she offered to assign and transfer so much of the stock as represented the payments which she had made to the corporation, and give a new mortgage for all the balance due on both properties. The company agreed to…
1Opinion of the Court
*561The opinion of the court was delivered by
Scudder, J.
It is claimed that under these facts the association was authorized to rescind the resolution to substitute the bond and mortgage of $2,600 for the two prior mortgages, and the stock and loan on thirteen shares for the previous loan on twenty-five shares. But, granting that the complainant had the right to rescind on the non-performance of the full terms of the contract by the defendants, they failed to legally exercise that right before there was a substantial compliance on the part of the defendants by payment of the municipal taxes; and…
2Cases cited1 opinion
- Gay v. AlterSupreme Court of the United States · 1880
3Cited by4 opinions
- Amer. Container Corp. v. Hanley Trucking Corp.New Jersey Superior Court Appellate Division · 1970
- Notch View Associates v. SmithNew Jersey Superior Court Appellate Division · 1992
- Pressey v. HeathNew Jersey Superior Court Appellate Division · 1955
- Nawyn v. KuchkudaNew Jersey Superior Court Appellate Division · 1956