New Jersey Court of Chancery May 19, 1931 (Smith v. Colonial Woodworking Co.)

The bill is to foreclose a $14,000 mortgage made by the defendant to one Joachimsthal and assigned by him to the complainant. The defendant counter-claims, that is, paid two mortgage debts for Joachimsthal and pleads the sum as a set-off. Joachimsthal and the defendant agreed to exchange properties, and the agreement was consummated.