Empire National Bank v. 27 Leonard Street Corp.

This is a motion for summary judgment in an action to foreclose a mortgage. There is no dispute that the defendant Reitman made a promissory note to the plaintiff and that his wholly-owned corporation, the defendant 27 Leonard Street Coxp., made and delivered a mortgage on real property in New York County to secure the obligation of the note. Nor is there any dispute that the note is in default and that under the terms of the mortgage, except for the defense asserted, the remedy of foreclosure would be available and that summary judgment should be granted.

The defendant contends that the loan;…