City Bank Farmers Trust Co. v. Dayfield Realty Corp.

In these two actions brought to foreclose mortgages on separate premises, 1140 and 1160 Fifth Avenue, the plaintiff and a receiver of rents have obtained summary orders for the payment to the receiver of rents which accrued and were collected by the mortgagor prior to the appointment of the receiver. The theory upon which such summary relief was granted appears to be that the mortgagors had agreed in writing, under date of November 15,1943, to preserve for one year in separate. accounts all income from the mortgaged premises, paying only items of expense properly chargeable to the premises,…