Pridmore v. Steneck

The several complainants, alleging fraud, seek rescission of their purchase of mortgage participation certificates issued by the Steneck Trust Company in 1930 and 1931.

On April 17th, 1930, the Trust Company owned a bond and mortgage made by Nathan Weiss and wife to secure the sum of $185,000, dated March 8th, 1922. The principal sum had been reduced to $141,000, and the due date extended to April 1st, 1930. The mortgage was a first lien on a large apartment house on Hudson Boulevard, Weehawken, and was a second lien on adjacent premises known as 9 Columbia Terrace. The Trust Company also…