The New Jersey Supreme Court on Friday agreed to answer whether a municipality flexing its powers under the state's eminent domain law must negotiate with a lien holder that has secured a final foreclosure judgment on a targeted property. LB-RPR REO Holdings LLC won certification of its petition arguing that Merchantville, N.J., had a duty to engage in good faith negotiations with the national developer of distressed properties over the condemnation of a 54-unit apartment building. LB held the mortgage on the property, had obtained a foreclosure order and was set to acquire the parcel through a sheriff's sale.
Top Court to hear case
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