First Federal Savings & Loan Ass'n v. Green-Acres Building Corp.

Plaintiff seeks to foreclose a certain open-end mortgage given by the mortgagor builder to secure *150voluntary future advances; the advancement of moneys under the said mortgage was discretionary with the plaintiff lending institution. After the plaintiff disbursed $7,440 of the funds available, the mortgagor builder executed a second mortgage which was subsequently assigned to and is now held by the defendant Leonid G. Garth. After the execution and the recording of the second mortgage, the plaintiff advanced the sum of $589.31 (plaintiff in its memorandum states the sum was disbursed to itself…