Smith v. Colonial Woodworking Co., Inc.

The opinion of the court was delivered by

Donges, J.

This appeal brings up a decree of the court of chancery declining to allow a set-off and dismissing a counter-claim in a foreclosure suit.

The defendant-appellant asserts that it was entitled to a credit on the mortgage being foreclosed. The situation is that the defendant-appellant and one Joachimsthal agreed to the transfer of certain properties; that of the Colonial company was valued at $30,000 and was subject to first and second mortgages in the total sum of $27,000; and that of J oachimsthal was valued at $20,000 and was free of mortgage…