Westerbeke v. Bank of Huntington & Trust Co.

Defendant T-urner and his wife (not a party to this action) executed and delivered to plaintiffs *916their bond for $12,000, secured by a second mortgage dated September 10, 1930, covering premises situated in Suffolk county. On June 5, 1933, by written agreement, the term of the mortgage, then reduced to $10,000, was extended to March 10, 1936. On the same day the parties executed an escrow agreement whereby Turner deposited with defendant bank as escrow agent certain shares of stock as additional security for the payment of the debt. The agreement also provided that in the event of a default in…