Geddes Savings & Loan Ass'n v. Mishel

Order unanimously affirmed, with costs, as to defendant Seventh Main Street Corporation; appeal as to defendant Mishel dismissed. Memorandum: This is an action to foreclose a mortgage securing a loan of $33,000 at an annual interest rate of 10%. The principal defense is usury. Defendants Lee Terrace, Ltd., and Robert D. Langtry, the original mortgagors, have defaulted on the motion for summary judgment. Defendant Damico is a second mortgagee and has no interest other than surplus money proceedings. Defendant Seventh Main Street Corporation is a subsequent purchaser of the property from Lee…