Alkoff v. Miller

As pledgee of the second bond and mortgage, Anny Alkoff held the legal title thereto, and the pledgor, Gurian Realty Corporation, possessed only an equity of redemption. (Matter of Gilbert, 104 N. Y. 200, at pp. 208, 209, 211; Sands v. Gilleran, 159 App. Div. 37, 39. See, also, Jones on Collateral Securities [3d ed.], §§ 7, 143, 151, 152 and 153.) Had the pledgor defaulted upon its indebtedness prior to the time that the rights of the pledgee were cut off by the first mortgagee’s foreclosure sale, she could have exercised the power of sale conferred upon her by the pledgor and transferred…