Southold Savings Bank v. Fisher

Both parties moved for summary judgment in an action by the owner and holder of a bond -secured by a mortgage on real property to recover, among other items, 2% of the principal alleged to be due by virtue of section 1077-g of the Civil Practice Act. The bond dated December 22, 1925, in the principal sum of $12,000, was payable one year later with interest at 6% per annum. It contains a provision for the amortization of a portion of the principal over a period of five years. At the time of the commencement of the action the unpaid principal amounted to $7,625. The answer contains denials and…