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TIERNAN v. CARASALJO PINES

51 N.J. Super. 393 (1958)

143 A.2d 892

THOMAS TIERNAN AND CATHERINE TIERNAN, PLAINTIFFS-APPELLANTS AND CROSS-RESPONDENTS, v. CARASALJO PINES, A CORPORATION, AND RAEF M. HADDAD, DEFENDANTS-RESPONDENTS AND CROSS-APPELLANTS.

Superior Court of New Jersey, Appellate Division.

Decided July 31, 1958.

Attorney(s) appearing for the Case

Mr. Albert L. Kushinsky argued the cause for plaintiffs-appellants and cross-respondents (Messrs. Kushinsky & Muccifori, attorneys; Messrs. Lum, Fairlie & Foster, Vincent P. Biunno, of counsel).

Mr. Merritt Lane, Jr., argued the cause for defendants-respondents and cross-appellants (Mr. Edward F. Juska, attorney; Messrs. McCarter, English & Studer, of counsel).

Before Judges GOLDMANN, FREUND and CONFORD.

The opinion of the court was delivered by FREUND, J.A.D.

The principal issue to be determined is whether $12,000 paid to defendant Raef M. Haddad by the plaintiffs was a loan of money, or was a purchase of a 25% interest in Carasaljo Pines, a corporation (hereafter called Carasaljo). The transaction is evidenced by a letter agreement dated April 12, 1949.

The complaint contains two counts. The first count alleges...

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