Manufacturers Trust Co. v. Permut

The court below decided against the landlord-appellant holding that “ The landlord does not have an- equity in the property of not less than 25% of the purchase price.” The landlord is required by subdivision (d) of section 8 of chapter 314 of the Laws of 1945, as amended and continued by chapter 273 of the Laws of 1946, to have such an equity.

The landlord contends that upon the factual situation here disclosed, a fair construction of this statute qualifies it as having such prescribed equity.

Landlord held a mortgage upon the premises in question and sued to foreclose the same; a judgment of…