New York Title & Mortgage Co. v. Polk Arms, Inc.

Order denying defendant’s motion to vacate the order dated August 1,1932, appointing a receiver of the rents and profits of the mortgaged premises, reversed on the law, with ten dollars costs and disbursements, and motion granted, with ten dollars costs, on the ground that plaintiff failed to comply with the provisions of Section 150 of the General Corporation Law. In our opinion, according to the provisions of this section, a receiver can be appointed in an action of this kind where the property belongs to a corporation only upon a showing that the mortgage debt or the interest thereon has…