Maplewood Bank & Trust v. Sears, Roebuck & Co.
Superior Court of New Jersey, Appellate Division
625 A.2d 537 (1993)
Relevant factsFree
The Capers borrowed from Maplewood (plaintiff) via a purchase-money mortgage, then bought kitchen appliances from Sears (defendant), granting Sears a perfected purchase-money security interest (PMSI) via a fixture filing; after the Capers defaulted, Maplewood foreclosed, and Sears counterclaimed that its PMSI entitled it to priority over Maplewood's mortgage and a share of the foreclosure proceeds. Sears's claim was dismissed, and Sears appealed.
IssueFree
Whether a lienholder with a purchase-money security interest in fixtures is entitled to priority over a purchase-money mortgage holder in the proceeds of a foreclosure sale.
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