Rae v. Hotel Governor Clinton, Inc.

Order, entered on June 19, 1964, granting defendant’s motion to vacate judgment by confession entered against defendant and to vacate execution issued thereon, unanimously reversed on the law and on the facts, with $30 costs and disbursements to appellant, and the motion denied. The parties entered into an agreement whereunder plaintiff, for the sum of $350,000 sold to defendant his interest in a certain mortgage on a lease held by defendant. In addition, plaintiff loaned defendant the sum of $25,000. The total alleged indebtedness of $375,000 Was evidenced by a series of 40 promissory notes,…