Gem Building & Loan Ass'n v. Town of Belleville

The opinion of the court was delivered by

Heher, J.

On June 29th, 1931, the defendant municipalitjr purchased two parcels of land, situate within its confines and mortgaged to appellant, at a public sale for delinquent taxes. On December 7th, 1934, it instituted foreclosure proceedings thereon; and, in the course thereof, it assigned the tax sale certificates to the Essex and Bergen Realty and Holding Company, who was substituted as the party complainant. The consideration for the assignment of the certificates, at the demand of the municipality, it is conceded, was not only the taxes in…