Herbert v. Mechanics Building & Loan Ass'n
Supreme Court of New Jersey
On the 7th of July, 1856, John B. Oonover executed a mortgage to the Mechanics Building and Loan Association of New Brunswick, to secure the payment of certain moneys mentioned in tho condition of a bond, bearing even date with the mortgage.
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On the 7th of July, 1856, John B. Oonover executed a mortgage to the Mechanics Building and Loan Association of New Brunswick, to secure the payment of certain moneys mentioned in tho condition of a bond, bearing even date with the mortgage. Oonover, at this time, was a member of the above named company, and owned ten shares of its capital stock, which, in conformity to the constitution of the association, he assigned to the company as collateral security to the mortgage debt. On the 30th of March, 1860, Oonover mortgaged the same promises, with other lands, to John B. Herbert, the appellant,…
1Opinion of the Court
The opinion of the court was delivered by
The Chief Justice.
The bill in this case was exhibited by the Mechanics Building and Loan Association of New Brunswick, to foreclose a certain mortgage given to it by John B. Conover. At -the time of the execution of this instrument, the mortgagor was a corporator, and in compliance with a requirement to that effect in the charter of the company, assigned to it ten shares 'of its capital stock, of which he was the owner, as collateral security to the mortgage debt. Subsequent to the creation of these securities, Conover executed a second mortgage on the…
2Cases cited2 opinions
- Bruner's AppealSupreme Court of Pennsylvania · 1844
- Ziegler v. LongSupreme Court of Pennsylvania · 1834
3Cited by6 opinions
- Cliffside Park v. ProgressiveNew Jersey Court of Chancery · 1937
- Zwaska v. IrwinNew Jersey Superior Court Appellate Division · 1958
- Phila. Home, C. v. Phila. Saving Fund SocietyNew Jersey Court of Chancery · 1939
- Norris v. PellingerNew Jersey Court of Chancery · 1943
- Hull v. AngsterNew Jersey Court of Chancery · 1931
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