New York Title & Mortgage Co. v. Friedman

Prior to August 1, 1933, defendant purchased what is commonly known as a guaranteed first mortgage certificate, bearing the number 149, in the sum of $500, of an issue known as series N-81, maturing October 1, 1933, with interest at five per cent per annum, payable April first and October first of each year. The plaintiff guaranteed payment of both principal and interest. The said mortgage certificate further provided that the plaintiff, at its option, had eighteen months after the maturity date of said mortgage within which to make payment of the principal so guaranteed to the defendant. The…