Chester National Bank v. Rondout Marine, Inc.

Appeal from a judgment of the Supreme Court in favor of plaintiff, entered March 13, 1974 in Ulster County, upon a decision of the court at a Trial Term, without a jury. Plaintiff bank commenced this action to foreclose a mortgage in the principal amount of $147,000 given by defendant Rondout Marine, Inc., upon the mortgagor’s alleged default in making installment payments. The validity of the mortgage and defendant’s failure to make payments after September, 1970 are not disputed. Defendant raised a defense of payment, however, and contended that the installment payments it had paid…