Tupper Lake National Bank v. Magedson

OPINION OF THE COURT

Mahoney, J.

At issue in this appeal is whether the claims of three judgment lien creditors to the surplus moneys resulting from a foreclosure sale were properly prioritized. The facts are clear and easily stated. In January 1989, plaintiff lent money to defendants Edward Magedson and Leonard Kraft and took a mortgage on certain realty in Franklin County as security for the debt. In May 1990, foreclosure proceedings were commenced. The mortgaged property was ultimately sold to satisfy the debt and on December 21, 1990 a Referee’s deed was issued to the new purchasers. After…