Central Federal Savings F.S.B. v. Laurels Sullivan County Estates Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Yesawich, Jr., J.
In February 1978, defendant Laurels Sullivan County Estates Corporation (hereinafter Laurels) executed a mortgage to Jack Halperin in the amount of $1,900,000 covering property it had acquired in December 1977. The mortgage was thereafter assigned to Natalie Development, Inc. (hereinafter Natalie). Due to nonpayment of taxes, the Sullivan County Treasurer took title to the mortgaged premises in July 1980 (see, RPTL 1008). In 1982, Laurels executed mortgages which were consolidated in April 1983 into a single lien in favor of Arthur Geller in the amount of…
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