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FT. LEE SAV. & LOAN ASSOCIATION v. LiBUTTI

106 N.J. Super. 211 (1969)

254 A.2d 804

FORT LEE SAVINGS & LOAN ASSOCIATION, A NEW JERSEY CORPORATION, PLAINTIFF, v. JOSEPH R. LIBUTTI, a/k/a JOSEPH R. LIBUTTI, JR. AND JOANNE LIBUTTI, a/k/a JOAN LIBUTTI, HIS WIFE, DEFENDANTS, AND MITCHELL, HUTCHINS & CO., INC., A DELAWARE CORPORATION, DEFENDANT-APPELLANT, AND JOSEPH LIBUTTI AND EDITH LIBUTTI, HIS WIFE, JOSEPH DESIERVO AND VIOLA DESIERVO, HIS WIFE, PEOPLES TRUST CO. OF BERGEN COUNTY, A CORPORATION OF NEW JERSEY, HORIZON HOUSE MANAGEMENT CORP., A NEW JERSEY CORPORATION, AND ALLEN CARPET SHOPS, INCORPORATED, A NEW JERSEY CORPORATION, DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided June 30, 1969.

Attorney(s) appearing for the Case

Mr. Richard B. Goldsmith argued the cause for appellant (Messrs. Williams, Gardner, Caliri, Miller & Otley, attorneys).

Respondents did not file a brief.

Before Judges GOLDMANN, KOLOVSKY and CARTON.

PER CURIAM.

On December 3, 1964 defendants Joseph R. LiButti and Joanne LiButti, husband and wife, executed a purchase money bond and mortgage to secure a loan of $42,000 at 6%. They defaulted in installment payments and, following a foreclosure judgment entered July 17, 1967, the property was ordered sold. The sale resulted in a surplus of $18,440.12, which was deposited with the court.

The LiButtis were tenants...

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