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MIDLANTIC NAT. v. PEERLESS INS.

253 N.J. Super. 137 (1992)

601 A.2d 243

MIDLANTIC NATIONAL BANK, A NATIONAL BANKING CORPORATION, PLAINTIFF-APPELLANT, v. THE PEERLESS INSURANCE COMPANY AND COMMISSIONER OF BANKING OF THE STATE OF NEW JERSEY, DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided January 15, 1992.

Attorney(s) appearing for the Case

Joy H. Sperling argued the cause for appellant (Pitney, Hardin, Kipp & Szuch, attorneys; J. Michael Nolan, Jr. and Joy H. Sperling, on the brief).

Thomas J. Bradley argued the cause for respondent The Peerless Insurance Company (Lavin, Coleman, Finarelli & Gray, attorneys, Thomas J. Bradley, on the brief).

Sharon L. Young, Deputy Attorney General, argued the cause for respondent Commissioner of Banking of the State of New Jersey (Robert J. Del Tufo, Attorney General of New Jersey, attorney; Mary C. Jacobson, Deputy Attorney General, of counsel; Sharon L. Young, on the brief).

Before Judges BILDER, STERN and KEEFE.

The opinion of the court was delivered by BILDER, J.A.D.

This appeal involves the Mortgage Bankers and Brokers Act, an act for the regulation and licensing of mortgage bankers and brokers, N.J.S.A. 17:11B-1 et seq., and more particularly the proper construction of that part of the Act which requires that the licensees be bonded, N.J.S.A. 17:11B-8. We are asked to determine whether the protections afforded by the bond provisions of the Act apply...

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