Legal Opinion
AL-SAR Realty Corp. v. Griffith
New York Supreme Court
Decided August 31, 1987Published
1Opinion of the Court
OPINION OF THE COURT
John R. Tenney, J.
In 1980, William H. Griffith owned several parcels of commercial property located in Yorkville, New York. He financed this development through the Oneida County Industrial Development Authority (OCIDA).
*105OCIDA regulations state that in such transactions the deed shall be placed in its name. The property was mortgaged to Banker’s Trust Company (the bank), to secure the $750,000 loan. OCIDA then leased the property back to Griffith for a rent which is exactly the same as the mortgage payments. The "rent” is paid directly to the bank.
In 1982, Griffith leased,…
2Cases cited5 opinions
- Mooney v. . ByrneNew York Court of Appeals · 1900
- Erie County Industrial Development Agency v. RobertsAppellate Division of the Supreme Court of the State of New York · 1983
- Corcillo v. Martut, Inc.Appellate Division of the Supreme Court of the State of New York · 1977
- Wegmans Food Markets, Inc. v. Department of Taxation & FinanceNew York Supreme Court · 1984
- Wegmans Food Markets, Inc. v. Department of Taxation & FinanceAppellate Division of the Supreme Court of the State of New York · 1985