Pesce v. Nor-Shire Associates, Inc.

Petitioner applies for an order discharging a mortgage of record. With two others, petitioner guaranteed a corporate obligation and executed a second mortgage on his home as security. In August of 1966 the approximate balance due on the obligation was $10,000. Petitioner was allegedly advised by the respondent lender, Nor-Shire, that two thirds of the balance due had been received from petitioner’s co-obligors and that upon payment of his final one third of the gross amount due, $3,378, he would receive a satisfaction of the second mortgage on his home previously given as collateral.…