BLOG: Court Decisions
Mortgage Lender's Recovery of Interest on Condemned Parcel Limited by Appellate Court
On February 10, 2009, a New Jersey appellate court limited the rights of a mortgage lender to receive interest on property taken by eminent domian, upon which the lender held a mortgage at the time of the taking. The appeals panel ruled that the mortgage lender was only entitled to receive, in satisfaction of its mortgage,... Read More
NJ Supreme Court upholds Highlands Act
The New Jersey Supreme Court recently held that an inverse condemnation did not occur in a takings case involving the application of the New Jersey Highlands Act with respect to a development tract owned by OFP, LLC in Morris County. According to the Supreme Court, which upheld an earlier opinion by the Appellate Division of the New... Read More
$17.9 Million Jury Verdict Upheld on Appeal
The Appellate Division of the Superior Court recently upheld and affirmed a jury verdict of $17,900,000.00 as just compensation for the taking of a 75 acre farm in Piscataway Township for open space. The farm, owned by the Halper family, had been the subject of a long-standing battle between the Township and the Halper family which... Read More
Redevelopment Designation in Neptune Rejected
The Superior Court of New Jersey recently rejected a redevelopment designation by the Borough of Neptune City. 65 Steiner Avenue, LLC v. Borough of Neptune City, MON-L-4082-85. The area targeted by the Borough through the redevelopment processes of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (“LRHL”), consisted of light industrial uses, some... Read More