A. T. E. Financial Services, Inc. v. Corson

Fritz, J. S. C.

This is a mortgage foreclosure action. Defendant Marine National .Bank contests plaintiff’s right to foreclosure on the basis that plaintiff, A. T. E. Financial Services, Inc., being a limited partner of defendants-mortgagors at the time the mortgage was given, is proscribed from the taking of such a security by the terms of N. J. S. A. 42 :2—17. This defendant seeks summary judgment to that effect. The sole issue on this motion concerns itself with construction of N. J. S. A. 42:2-17.

For the purposes of this motion, it appears that plaintiff-mortgagee was in fact a limited…