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HUDSON CITY SAV. BANK v. HAMPTON GARDENS LTD.

88 N.J. 16 (1981)

438 A.2d 323

HUDSON CITY SAVINGS BANK, A BANKING CORPORATION OF THE STATE OF NEW JERSEY, PLAINTIFF-RESPONDENT, v. HAMPTON GARDENS LTD., A LIMITED PARTNERSHIP, DEFENDANT-APPELLANT, AND GROSSMAN, BROWN, WEINBERG & LAWSON, A PROFESSIONAL CORPORATION AS AGENT FOR THE LIMITED PARTNERS OF PLYMOUTH ASSOCIATES, LTD.; SHORE NATIONAL BANK; HOWELL WOODWORK, INC.; THE LEVEL LINE, INC. AND STATE OF NEW JERSEY, DEFENDANTS. GROSSMAN, BROWN, WEINBERG & LAWSON, A PROFESSIONAL CORPORATION, AS AGENT FOR THE LIMITED PARTNERS OF PLYMOUTH ASSOCIATES, LTD., PLAINTIFF, v. HAMPTON GARDENS, LTD., A LIMITED PARTNERSHIP, DEFENDANT.

The Supreme Court of New Jersey.

Decided December 17, 1981.

Attorney(s) appearing for the Case

Leon J. Sokol argued the cause for appellant (Greenstone & Sokol, attorneys).

James G. Lepis argued the cause for respondent (Lepis, Lepis & Curley and Dieffenbach, Witt & Birchby, attorneys).

The opinion of the Court was delivered by SCHREIBER, J.

We are called upon to decide whether a mortgagee may recover on a supersedeas bond the interest accruing during an unsuccessful appeal by the mortgagor of a foreclosure judgment. This question is to be resolved under the circumstances of this case, where the fair market value of the property purchased by the mortgagee for a nominal amount at a sheriff's sale is probably greater than the mortgage debt owed to...

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