New York & Suburban Federal Savings & Loan Association v. Sanderman
New Jersey Superior Court
392 A.2d 635, 162 N.J. Super. 216 (1978)
- Written by Whitney Kamerzel , JD
Facts
A partnership conveyed property containing a former nursing home to Richard Sanderman and Louis Cesarano (defendants). The property was sold subject to a first mortgage held by a mortgagee in possession, New York and Suburban Federal Savings and Loan Association (the Association) (plaintiff). The property also contained a second mortgage held by the Federal Deposit Insurance Corporation (FDIC) as a successor in interest. The Association foreclosed on its first mortgage and claimed reimbursement of $45,360 paid for security guards to protect the property. The FDIC knew it would be responsible for paying those costs because of its junior lienholder status and asserted that the expenses were unnecessary because the nursing home’s license had been revoked and the building’s condition required it to be torn down before being occupied.
Rule of Law
Issue
Holding and Reasoning (Dwyer, J.)
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