First Fiscal Fund Corp. v. State Tax Commission

Petitioner executed a note and mortgage in the sum of $1,200,000 to Broadway Savings Bank on November 15, 1972. On the same date petitioner also executed another note and mortgage for $425,000 to Wilco Properties Corp. on the same premises. The full mortgage tax was paid on both mortgages when they were recorded. As of May 1, 1974 the total unpaid principal balance on the two mortgages was $1,605,000. On that date petitioner executed a third mortgage on the premises to Lawrence Kadish, to secure a new indebtedness of $1,095,000 and also to secure the previous indebtedness of $1,605,000,…