Lincoln Material Co. v. Goodwin Construction Co.

The opinion of the court was delivered by

Bodine, J.

A statutory receiver was appointed in the court of chancery for the Goodwin Construction Company. At the time of the receivership the company was engaged in building an apartment house on a tract of land on Walnut street, East Orange, owned by it. The property was encumbered by mortgages and there were several mechanics’ lien claims. The receiver made a report by which a mortgage to Samuel Werbel, to the extent of actual advances, was allowed as a prior encumbrance. A mortgage to the' Newark Holding Company in the sum of $15,000 was…