In re the Unique Operating Co.

For the reasons stated in the dissenting opinion in Matter of Mortgage Corporation of New York (Ohlbaum) (263 App. Div. 627), decided herewith, we dissent and vote to affirm. In this case the owner has been voluntarily paying to this petitioner, a second mortgagee, the sum of $1,000 a year in reduction of the principal of its second mortgage, which has been reduced from $22,000 to $9,000 by prior amortization payments. The $63,000 first mortgage has been reduced to $45,250. The respondents have a very substantial equity in the property. Extensive improvements have been made. The property has…