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BURLINGTON CTY. C. CLUB v. MIDLANTIC NAT. BANK SOUTH

223 N.J. Super. 227 (1987)

538 A.2d 441

BURLINGTON COUNTY COUNTRY CLUB, PLAINTIFF, v. MIDLANTIC NATIONAL BANK SOUTH, EARL B. HOWE, ET AL., DEFENDANTS.

Superior Court of New Jersey, Chancery Division Burlington County.

Decided December 14, 1987.

Attorney(s) appearing for the Case

Janet Brownlee Miller for plaintiff (James Logan, Jr., attorney).

Francis J. Hartman for defendant Earl B. Howe (Francis J. Hartman, attorney).

Joanne Rizzo for defendant Midlantic National Bank South (Parker, McCay & Criscuolo, attorneys).

HAINES, A.J.S.C.

The Burlington County Country Club ("club") issued a series of 51 (out of an offering of 75) $1000, 6%, 20-year mortgage bonds on July 1, 1930. A mortgage covering the club's golf course secured the bonds. Burlington City Loan and Trust Company, the original trustee named in the mortgage, has been replaced by Midlantic National Bank South,

The bonds, as well as the mortgage called for semi-annual interest payments commencing January 1, 1932...

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