Holasek v. First National Bank of Rochester

TODD, Justice.

Alvin and Ward Holasek purchased certain motel properties in the city of Rochester under a contract for deed. At the time of their purchase, all of the real and personal property of the motel was subject to a first mortgage held by United Realty Trust (URT). Thereafter, the First National Bank of Rochester (Rochester Bank) loaned money to the motel developers and received as security certain scheduled personal property. URT subordinated its first mortgage lien on the scheduled property to the Rochester Bank. Thereafter, upon default, URT and the Rochester Bank foreclosed their…