Olafsson v. Appolonio

This is an action to foreclose a mortgage given as collateral security to the Island Factors Co. and thereafter assigned to the plaintiff.

The facts leading up to this assignment are as follows: Prior to July 7, 1954 Kaup Contracting Corp. was the owner of a certain restaurant located in Hempstead, New York. The stock in said corporation was wholly owned by plaintiff. By virtue of a number of sales of said restaurant, Kaup eventually became the owner of a first chattel mortgage on the business, good will and chattels thereof, executed by Restaurant Venus, Inc., in the principal sum of…