Security National Bank of Long Island v. Sabatelli

The plaintiff is the holder of a mortgage on real property formerly owned by the defendants Sabatelli. The property has been wholly condemned by the defendant State of New York, title having vested on January 31, 1961. It is averred that as of the date of title vesting in the State, the principal sum of $7,957.73, with interest at 514% from October 1,1960, secured by the mortgage, was unpaid. Mr. and Mrs. Sabatelli and the State, by an “ agreement of adjustment ” dated December 30,1960 agreed on the sum of $9,400 as and for the compensation for the land, no part of which has yet been paid by…