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Burns Mortgage Co. v. Schwartz

August 8, 1934

BURNS MORTGAGE CO., INC.,
v.
SCHWARTZ ET AL.



Appeal from the District Court of the United States for the District of New Jersey; Phillip Forman, Judge.

Before BUFFINGTON, WOOLLEY, and THOMPSON, Circuit Judges.

Per Curiam.

In deciding this case the trial judge filed the opinion which is printed below. As we agree therewith, and as it fully discusses the questions involved, we adopt it as expressing the views of this court, and limit ourselves to affirming on such opinion.

The opinion of the District Court was in full as follows:

FORMAN, District Judge.

Plaintiff, as assignee of the Bay Ridge Improvement Company, sues to recover on two contracts made by the last-mentioned concern with the defendants for the purchases of Florida real estate.

The first contract was made on June 25, 1925, and provided for the payment of $15,000 in the following installments: On the execution of the contract the sum of $3,750, the balance of $11,250 was to be paid in six equal payments, of $1,875 each, on December 25th and June 25th of every year thereafter until June 25, 1928.

The second contract was made on the same day and provided for the payment of $18,000 in the following installments: On the execution of the contract the sum of $4,500, and the balance of $13,500 was to be paid in six equal payments, of $2,250 each, on the same dates as the first contract.

On the first contract defendants made the initial payment of $3,750 and a payment of $1,875 on December 25, 1925. They also paid interest on that date but defaulted further payments.

On the second contract the defendants made the initial payment of $4,500 and, on December 25, 1925, paid an installment of $2,250 and interest but defaulted the further payments.

On February 17, 1928, Bay Ridge Improvement Company instituted actions against the defendants to foreclose the contracts and the vendor's liens in the Florida courts which resulted in final decrees and judgments of foreclosure, and, on March 3, 1930, the properties were sold thereunder for the sum of $1,500 each.

The plaintiff took its assignments of the contracts on April 13, 1932, and now seeks to recover on the first contract the sum of $8,733.88 with interest, being the alleged balance due after deducting the payments and crediting the proceeds of the foreclosure sale, and the sum of $11,973.52 with interest on the second contract, being the alleged balance due after similar deductions.

Defendants move to strike out the ...


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