Cumberland National Bank v. Baker
New Jersey Court of Chancery
On bill, answer and testimony. The bill in this ease was filed by the complainant, the Cumberland National Bank of Bridgeton, to foreclose a chattel mortgage given to it by the defendants Baker and wife, to secure the payment of a pre-existing debt owing by Baker to the bank, not yet due, and also several notes not yet due, upon which Baker was bound as endorser and which were held by the bank.
Read the full summary
On bill, answer and testimony. The bill in this ease was filed by the complainant, the Cumberland National Bank of Bridgeton, to foreclose a chattel mortgage given to it by the defendants Baker and wife, to secure the payment of a pre-existing debt owing by Baker to the bank, not yet due, and also several notes not yet due, upon which Baker was bound as endorser and which were held by the bank. The mortgagor was a farmer and seed-raiser, and lived on his farm in Cumberland county, New Jersey, where the mortgaged property was recited in the chattel mortgage to be located. The mortgage of the…
1Opinion of the Court
Grey, V. C.
The defendants suggest that the complainant’s mortgage was intended to hinder creditors because the mortgagor disclosed his threatened financial embarrassment to the complainant and proposed giving the mortgage, and that the delay in foreclosing suffered the mortgagor to sell off crops of large value, and that this operated as a fraud upon creditors. The evidence did not lead me to believe there was any fraudulent purpose either in the inception of the complainant’s mortgage or in its omission to foreclose it. So far as there was any delay in its foreclosure, the defendants…
2Cases cited2 opinions
- McCaffrey v. . WoodinNew York Court of Appeals · 1875
- Knowles Loom Works v. VacherSupreme Court of New Jersey · 1895
3Cited by6 opinions
- Stokely Bros. Co., Inc. v. ConklinNew Jersey Court of Chancery · 1942
- Jarecki v. Manville Bakery, Inc.New Jersey Superior Court Appellate Division · 1950
- Sharp v. HollisterSupreme Court of Colorado · 1918
- Avon Chair Co., Inc. v. Essex Restaurant, C.New Jersey Court of Chancery · 1942
- In re B & B Motor Sales Corp.District Court, D. New Jersey · 1922
1 more not listed; retrieve them via the Exa API.