Pioneer Village Development Corp. v. XAR Corp.

Appeal from so much of an order of the Supreme Court at Special Term, entered November 19, 1975 in Saratoga County, which denied plaintiffs motion for summary judgment. Plaintiff conveyed certain real property to defendant by a deed absolute on its face and concurrently obtained in return an option to repurchase the same property by a given time at a certain price. The proceeds of the sale were intended, in part, to satisfy a pre-existing mortgage on the property which was then on the brink of foreclosure. About one hour after the time for exercise of the option had expired, plaintiff’s owner…