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CONNELL v. AMER. FUNDING LTD.

231 N.J. Super. 409 (1987)

555 A.2d 745

MURRAY CONNELL AND ELIZABETH CONNELL, PLAINTIFFS, v. AMERICAN FUNDING LIMITED, A NEW JERSEY LIMITED PARTNERSHIP, DEFENDANT.

Superior Court of New Jersey, Chancery Division Bergen County.

Decided December 22, 1987.

Attorney(s) appearing for the Case

George J. Cotz for plaintiffs (Weber, Muth & Weber, attorneys).

Keith O. Evans for defendant (Marcus & Evans, attorneys).

LESEMANN, J.S.C.

Cross motions for summary judgment in this case raise an unresolved question as to the consequence of a lender's noncompliance with the provisions of the Secondary Mortgage Loan Act, N.J.S.A. 17:11A-34 et seq. (hereinafter "the Act").1 Section 58 of that statute, N.J.S.A. 17:11A-58, says that the obligation of a borrower arising out of a secondary mortgage...

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