Georg Jensen, Inc. v. United States

MEDINA, Circuit Judge.

In the spring of 1946 Georg Jensen, Inc. negotiated the purchase of the premises 680-684 Fifth Avenue, New York City from John D. Rockefeller, Jr. for $2,500,000. The purchase price was to be a $500,000 cash down payment and a purchase money bond and mortgage for the balance. An integral part of the deal was that the corporation would be under no obligation to pay the balance of the purchase price represented by the purchase money bond and mortgage; but that Rockefeller would look to the land as his security. This is a far from uncommon arrangement in New York City and…