Trenton Trust & Safe Deposit Co. v. Fitzgibbon & Crisp Carriage & Wagon Co.

84 A. 1042, 81 N.J. Eq. 1, 11 Buchanan 1, 1912 N.J. Ch. LEXIS 18
CourtNew Jersey Court of Chancery
DecidedOctober 18, 1912
StatusPublished

This text of 84 A. 1042 (Trenton Trust & Safe Deposit Co. v. Fitzgibbon & Crisp Carriage & Wagon Co.) is published on Counsel Stack Legal Research, covering New Jersey Court of Chancery primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Trenton Trust & Safe Deposit Co. v. Fitzgibbon & Crisp Carriage & Wagon Co., 84 A. 1042, 81 N.J. Eq. 1, 11 Buchanan 1, 1912 N.J. Ch. LEXIS 18 (N.J. Ct. App. 1912).

Opinion

Walker, Ciiakoellor.

The receiver of the defendant, an insolvent corporation, reports the sale of lands and premises (including personal property), subject to certain liens, and his counsel moving for the confirmation of the sale, is opposed by counsel for a stockholder and creditor.

The question pressing for solution is this: May a sale of real estate be validly made under the amendment to the act relative to the sale of lands, approved March 19th, 1912 (P. L. 1912 p. 181), by publishing the last notice of sale in newspapers published and circulated on the day the sale takes place?

Sales of land were formerly conducted under the act of June 14th, 1898. Comp. Stat. p. 4667 § 1. So much of that act as is pertinent to the present 'inquiry directed publication to be made “at least four weeks successively, once a week, next preceding the timé appointed for selling the same,” and it was held in Parsons v. Lanning, 27 N. J. Eq. (12 C. E. Gr.) 70, to require four whole weeks between the first insertion in the newspaper and the day fixed for sale. The only bearing that case has upon the one in hand, as T view it, is to establish the fact that “weeks” are the periodical units which must be observed in the matter of advertising — that is, that the advertisement must be made four whole weeks next preceding the day appoiirted- for the sale, [3]*3and that the day of sale may not be within the last week. This case was followed in the supreme .court in State v. Elizabeth, 41 N. J. Law (12 Vr.) 517.

The present statute {P. L. 1912 p. 1S1) provides that the advertisement of sale shall be published four times in two newspapers at least once a week, during four consecutive calendar weeks, "the last publication to be not more than seven days prior to the time appointed for selling the same.”

Here, it must be observed, "days” are the periodical units of time within which the last advertisement is to be inserted. That is to say, it may be inserted one day prior to the time appointed for sale, or two days, &c. ■ It is as though the act read "the last publication to be not more than one, two, three, four, five, six or seven days prior to the time appointed for selling the same.” How, the time appointed for selling must be “between the hours of twelve and five in the afternoon,” as provided in the act. If, therefore, a sale be advertised to take place

“on Friday the twenty-third day oí August, A. D. one thousand nine hundred and twelve, between the hours of twelve and five o’clock in the afternoon of said day, that is to say, two o’clock P. M.,”

as in the case at bar, the statutory direction that the labt publication shall not be more than seven days prior to the time appointed for selling, is not complied with by publication on the day of sale, even though published in newspapers which are circulated at seven o’clock in the morning of that day, which was done in this case, as is made to appear by the proofs submitted on this motion.

The time of sale is necessarily referable to a day — that is, the 'day of sale: therefore, it is as though the act-read "the last publication to be not more than seven daj^s prior to the day appointed for selling,” ’&c.

In Tappan v. Dayton, 51 N. J. Eq. (6 Dick.) 260, the confirmation of a sale of lands br^ the Middlesex county orphans court was set aside because the last publication of the notice of sale was made more than one week prior to the time appointed for the sale; the statute then in force requiring the notice of sale [4]*4to be published at least'four weeks successively, once a week, next preceding the time appointed for selling. In that case Chancellor McGill, sitting as ordinary (at ¶. 265), said:

“The failure to publish the notice between February 2d and February 10th, a period of eight days immediately preceding the time appointed for the sale, shows an inexcusable non-compliance with the statute, in that for more than a week next preceding the time appointed for the sale, notice of it was not published in that paper. The purpose of the requirement that the publication should fit closely upon the sale is obviously to keep freshly in the public mind the pendency of the sale, aud the mischief of the omission to publish within the last week may be twofold, in permitting the sale to be lost sight of and, possibly, in impressing intending purchasers with the belief that it -has been abandoned. However this may be, the courts hold that strict compliance with the requirements of the statute is essential to the validity .of the sale.”

The sale in this case must be set aside because the last publication of the notice of sale was made less than one day prior to the time appointed for the sale.

While-the policy of the law doubtless is that the publication should fit closely upon the sale, it should, nevertheless,’ not fit too closely, for, while an omission to publish within the last week may permit the sale to be lost sight of, or may impress intending purchasers with the belief that it has been abandoned, on the other hand, if the last advertisement, which may be the only one seen by the intending purchaser, who would be a bidder at the sale, if seen by him only in the morning paper at his breakfast table, may come too late to permit him to arrange to be a bidder at the sale to take place but a few hours afterwards. Such short notice would hardly afford anyone time to inspect the property, examine the title and make his financial arrangements to become a purchaser. Each publication must be intended by the legislature to have potency, and if it were intended that the last publication could be made on the day of sale the act would doubtless have said so in words that could not have been misunderstood. Such a radical departure as is here con[5]*5tended for should not be made on any doubtful construction of the statute.

If my interpretation of the act be correct, then all sales advertised as late as the calendar day preceding the sale will be safely made; but if I held that the last publication might be made on the day of sale, then the legality of sales would be in doubt, unless and until the court of errors and appeals upheld that view. If the publication may be made upon the day of sale, it may be made, I presume, at any time before the sale takes place, say one hour, or a less period.

Before the passage of the act of March 19th, 1912, it had become the settled policy of the state, in the matter of advertising these judicial sales, to have the last advertisement appear some time during one week next preceding the time appointed for the sale, and, when the legislature of 1912 passed the amendment referred to, it is presumed that the legislators had in mind that fact; and, further, I think, when they provided that the last publication should be not more than'seven days prior to the sale, they meant it should be not more than one week prior to the sale, for they named one week, in other words, and said the publication should be prior to the sale.

The case of Early v. Doe, 16 How. (U. S.) 610; 14. L.Ed. 1079, is relied on by counsel for the receiver as an authorit3r for publishing the last notice of a sale under the statute on the day of sale; but, as I read the opinion, it is rather an authority for the objector. In that ease the "United States supreme court (at p. 616) said:

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84 A. 1042, 81 N.J. Eq. 1, 11 Buchanan 1, 1912 N.J. Ch. LEXIS 18, Counsel Stack Legal Research, https://law.counselstack.com/opinion/trenton-trust-safe-deposit-co-v-fitzgibbon-crisp-carriage-wagon-co-njch-1912.