Builders Affiliates, Inc. v. North River Insurance
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Sullivan, J.
At issue are a mortgagor’s and mortgagee’s competing claims to the insurance proceeds for damage to the mortgaged premises from fire.
*361On February 26, 1971 plaintiff, to secure advances to it by the City of New York for the rehabilitation of its building at 348-350 East 119th Street, New York City, executed a mortgage in favor of the city, consolidating two prior mortgages into one lien of $472,000. The mortgage expressly provided “[t]hat the mortgagor will keep the buildings on the premises insured against loss by fire for the benefit of the mortgagee”. The two…
2Cases cited12 opinions
- Sprague v. Ticonic National BankSupreme Court of the United States · 1939
- Whitestone Savings & Loan Ass'n v. Allstate InsuranceNew York Court of Appeals · 1971
- Matter of LoomisNew York Court of Appeals · 1937
- Fields v. Western Millers Mutual Fire Insurance Co.New York Court of Appeals · 1943
- Moke Realty Corp. v. Whitestone Savings & Loan Ass'nNew York Supreme Court · 1975
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- Isler v. SutterAppellate Division of the Supreme Court of the State of New York · 1990
- Gibson & Cushman Dredging Corp. v. Halliburton Co.Appellate Division of the Supreme Court of the State of New York · 1985
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