Franconia Village Cooperative, Inc. v. Lincoln Savings Bank

This action for money had and received was tried pursuant to an agreed statement of facts.

Plaintiff, a residential housing co-operative, owns and operates a development of three six-story apartment buildings situated in Queens County. In May, 1952 plaintiff, through its promoters, obtained from the defendant bank a commitment for a Federal Housing Administration insured mortgage loan pursuant to section 213 of the National Housing Act (U. S. Code, tit. 12, § 1715e). The mortgage loan was in the sum of $2,168,100 at 4% interest over a period of 40 years. Thereafter in June, 1953 the Federal…