Chemical Bank and Trust Co. v. Adam Schumann Associates, Inc.

In June, 1929, the defendant Margaret Ferguson bought a home in an exclusive residential part of Bay Ridge, near the Shore road, for $17,250. The property was subject to a mortgage of $9,000, which fell due in May, 1930, and was then extended for three years, Mrs. Ferguson signing the extension agreement. In May, 1931, the property passed into the hands of another owner at a price of $17,600. In February, 1933, the plaintiffs, as holders of the $9,000 mortgage, commenced an action to foreclose it, and on August 7, 1933, the property was offered at public auction and knocked down to the…