Philsim Realty Corp. v. 1022 Sixth Avenue Corp.

This action was brought to recover $5,750 paid under an alleged mutual mistake of fact at the closing of a contract involving the sale of a leasehold by plaintiff to defendants. The lease which was the subject of the transfer had already been mortgaged and the Fulton Trust Company was the trustee. Under the mortgage, monthly interest installments were payable on the last day of the month preceding the period for which the interest was due. Plaintiff seems to have thought that these advance payments did not continue during the life of the mortgage, but applied only for the first six months.…