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MORAN v. AMERICAN FUNDING, LTD.

238 N.J. Super. 263 (1989)

569 A.2d 841

DONALD F. MORAN AND JUDY MORAN, HIS WIFE, PLAINTIFFS, v. AMERICAN FUNDING, LTD. AND MARINE MIDLAND BANK, N.A., DEFENDANTS. GOLD TRENDS, INC., PLAINTIFF, v. DORA BENEDUCE AND MARIO BENEDUCE, HER HUSBAND; FRANK BENECKI AND ELAINE BENECKI; JOSEPH SHAPINSKI AND MARY SHAPINSKI, HIS WIFE; MARTIN BURGER, TRUSTEE; ANTHONY PETRINO; NED BEVELHEIMER; AND LYNDHURST SZE, INC., D/B/A MR. WIN CHINESE SEAFOOD, DEFENDANTS.

Superior Court of New Jersey, Chancery Division Bergen County.

Decided October 13, 1989.

Attorney(s) appearing for the Case

George J. Cotz for plaintiffs Donald and Judy Moran (Weber, Muth & Weber, attorneys).

Kenneth L. Winters for defendants American Funding Ltd. and Marine Midland Bank, N.A. (Carella, Byrne, Bain & Gilfillan, attorneys).

Kevin T. Rigby, for plaintiff Gold Trends, Inc. (Rigby & Cillick, attorneys).

David A. Biederman, for defendants Dora Beneduce and Mario Beneduce (Chester & Biederman, attorneys).

Michael L. Scherby, for defendant Martin Burger, Trustee (Contant, Contant, Schuber, Scherby & Atkins, attorneys).

OPINION

LESEMANN, J.S.C.

These related cases raise the question of whether a 1987 amendment to the Secondary Mortgage Loan Act, N.J.S.A. 17:11A-34 et seq. (hereinafter "The Act") should be applied retroactively or only prospectively. That amendment (included within L. 1987, C. 230) drastically changed the effect of a lender's non-compliance with the Act. Prior to its adoption, the Act provided...

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