Smokey, Inc. v. PANY INVESTMENT COMPANY

DUFFY, Chancellor.

This appeal brought up for review an order of the Superior Court entering judgment for Pany Investment Company (plaintiff) in a mortgage foreclosure action and directing issuance of a writ of levari facias for sale of the property. 1

A

The property is an apartment complex in Dover; eleven buildings, each with ten or eleven rental units, are situated on some six acres of land. Towne Point Apartments, Inc. (defendant) owned the properties which were burdened by three mortgages : a first for $900,000, held by Metropolitan Life Insurance Company; a second for some $87,000, held by…