Germania Building & Loan Ass'n v. B. Frankel Realty Co.
Germania Building & Loan Ass'n v. B. Frankel Realty Co.
Opinion of the Court
The opinion-of the court was delivered by
The facts of the case are fully stated in the vice-chancellor’s opinion. 82 N. J. Eq. 49. It would be unnecessary to add anything but for a possible misunderstanding of some language in the opinion.
We do not think it necessary to consider whether the building and loan association was under an obligation to advance any money in addition to the $5,000 actually advanced prior to the pajment of the order held by Schneider, until the building was fully completed. In the absence of an agreement as to the time when the advancement should be made, it might be necessary for the building and loan association to withhold further advances until it was assured that its mortgage would cover a completed structure. The case does not require the determination of these questions, since the building was in fact completed, and both parties, by their pleadings, conceded that the building and loan association was under an obligation to advance the full amount called for. The appellants abandoned any right they might have to terminate the contract and to insist that the mortgage is good only for the $5,000 that had been advanced before this controversy arose.
The question in the case, therefore, is not the equity of the purchaser of the land to redeem by paying off the amount actu
The decree must be affirmed, with costs.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.