Holahan Obtains Emergent StayMay 4, 2017 |
On April 28, Frank Holahan was successful in obtaining from the New Jersey Supreme Court an emergent stay of a commercial mortgage foreclosure sale, scheduled to be conducted on May 4, of a developer-client’s Union City, New Jersey, property.
The emergent stay followed the trial court’s and the Appellate Division’s denials of the emergent stay application. The client property is under lease to the Union City Board of Education, which operates a charter school in the premises.
The litigation concerns issues of the authority of a New Jersey school board to acquire real property through foreclosure proceedings and the proper measure of the sums due under the mortgage note.