Gorgas v. Perito

This action was commenced in 1947, to foreclose a mortgage, held by the plaintiff-assignee, on certain premises in New York City, owned by defendant Ida Perito. The mortgage, originally in the amount of $7,500, was executed and delivered in 1914, by defendant Ida Perito and her husband, Angelo Perito, as collateral security for a bond in the same amount, executed and delivered by Angelo Perito alone. The bond and mortgage provided in part that the whole of the principal sum should become due at the option of the obligee-mortgagee after default in the payment of interest for thirty days.

Angelo…