Chrysler Corporation v. Fedders Corporation, Salvatore Giordano, Sr., Salvatore Giordano, Jr., Bruno Giordano, Ignatius MacBrinn and Howard S. Modlin

OPINION OF THE COURT

SLOVITER, Circuit Judge.

I

Introduction

Before us is an appeal by plaintiff Chrysler Corporation from the district court’s order holding unconstitutional the New Jersey lis pendens statute, N.J.Stat.Ann. § 2A:15-6 et seg., and granting defendants’ motion to vacate a notice of lis pendens filed by Chrysler pursuant to that statute. As set forth hereafter, we will reverse the district court’s order.

The underlying controversy arises out of Chrysler’s agreement on February 23, 1976 to sell its Airtemp Division to defendant Fedders Corporation for $18 million cash, a promissory…