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Secured Transactions Keyed to Whaley
Maplewood Bank & Trust v. Sears, Roebuck & Co.
Citation:
625 A.2d 537 (1993)Facts
Maplewood Bank and Trust held a first purchase money mortgage dated September 20, 1988, and recorded October 5, 1988, on premises owned by Edward and Terre Capers for $121,000. On May 31, 1989, Sears filed a UCC-1 financing statement covering a completely new kitchen installation including countertops, cabinets, sinks, disposal unit, dishwasher, oven, cooktop and hood valued at $33,320.40, which Sears had installed pursuant to a Security Agreement with the Capers. On August 18, 1989, the Capers executed a second mortgage to New Jersey Savings Bank for $34,000, recorded August 23, 1989. When the Capers defaulted on payments to both plaintiff and Sears, Maplewood Bank filed for foreclosure. Sears counterclaimed, asserting priority over the plaintiff in foreclosure proceeds under N.J.S.A. 12A:9-313, arguing its purchase money security interest entitled it to payment from the sale proceeds before the first mortgagee.
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