First National City Bank v. Tara Realty Corp.

Sullivan, J. (dissenting).

The sole issue presented is the priority of liens held by a succession of mortgagees. The facts are not in dispute. On March 1, 1973 Long Island Beef Co. and Manhattan Loin Corp. took a mortgage to secure the payment "of an indebtedness in the sum of one hundred thousand ($100,000) dollars” from Tara Realty Corp. As assignee of Manhattan Loin, Long Island has succeeded to all right, title and interest in the mortgage. This mortgage was given to secure a debt of $92,128.07 then due the mortgagees from Danny’s Hide-a-way, Inc. The latter, controlled by one Stradella,…