Vanderbilt v. Hackensack Water Co.

The opinion of the court was delivered by

Hehek, J.

Complainants are the holders of a first mortgage covering an apartment house situate in West New York. There was.a default, and complainants, exercising a right conferred by the contract, elected that the principal sum should become immediately due and payable, and entered into possession of the mortgaged premises. Entry was made on November 27th, 1931. The mortgage contained an assignment of the rents to the mortgagee, in the event of a default, and authorized in that case the taking of possession and the collection of rents. A bill to…