Walter A. Krosnowski, Plaintiff-Appellant v. Ignatz J. Krosnowski and Garford Trucking, Inc., Defendants-Respondents

Summary

The Supreme Court of New Jersey affirmed the summary judgment dismissal, holding that the plaintiff could not accelerate the $190,000 debt because the required notice of default on that debt was not given and the interest default on the $400,000 mortgage did not trigger acceleration under the agreement. The court emphasized that acceleration clauses must be clear and strictly exercised, and that the contract must be read as a whole.