First National Bank & Trust Co. v. MacGarvie

The opinion of the court was delivered by

Burling, J.

The First National Bank and Trust Company, Woodbury, New Jersey, held a first mortgage on property of defendant MacGarvie securing a sum of nearly $30,000. Default occurred and foreclosure proceedings were initiated by the first mortgagee. There were other parties who had liens encumbering the property at this time, in the following order of priority: Bobbins, a judgment creditor (approximately $1,400); the United States of America by virtue of a federal tax lien (approximately $21,000); the Ateo National Bank, a second mortgagee…