In Re: Phelps v. Copley Dev. Corp

On December 29th, 1925, the complainant conveyed to the defendant the Copley Development Corporation, a tract of land in the township of Teaneck, county of Bergen, State of New Jersey, containing 47.895 acres. It took back from the grantee, as part of the purchase price, a mortgage dated the same day, in the sum of $207,545. The mortgage contained a release clause, which was subsequently changed by agreement of the parties dated May 27th, 1926. There was also a second mortgage between the same parties, covering the same, and other, property. The defendant corporation divided the premises into…