In re the People of New York

Petitioner is the holder of a bond and mortgage executed on June 5, 1924, by H. & W. Real Estate Corporation, as mortgagor, to 135 Broadway Holding Corporation, as mortgagee, and assigned by the latter to petitioner on October 31, 1927, at a time when the mortgage indebtedness amounted to $1,100,000, bearing interest at the rate of six per cent per annum. Simultaneously with the assignment, New York Title and Mortgage Company, hereinafter called the “ company,” delivered to petitioner its guaranty (1) that interest would be paid .to petitioner at the rate of five and one-half per cent per…