Shultis v. Woodstock Land Development Associates
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Mahoney, J.
In December 1987, plaintiffs conveyed a 500-acre tract of land located in Ulster County to defendant Woodstock Land Development Associates for the sum of $1,000,000. Woodstock met the purchase price by paying plaintiffs $500,000 in cash and executing a $500,000 balloon payment note in their favor. The note provided for quarterly payments of interest at 9% and two principal payments of $250,000 each due on December 2, 1988 and December 2, 1989 and was secured by a duly recorded first mortgage. Thereafter, Woodstock executed a second mortgage on the property in…
2Cases cited9 opinions
- Skaneateles Savings Bank v. HeroldAppellate Division of the Supreme Court of the State of New York · 1975
- 100 Eighth Avenue Corp. v. MorgensternAppellate Division of the Supreme Court of the State of New York · 1957
- Schwartz v. SmithAppellate Division of the Supreme Court of the State of New York · 1911
- Skaneateles Savings Bank v. HeroldNew York Court of Appeals · 1976
- 100 Eighth Ave. Corp. v. MorgensternNew York Supreme Court · 1956
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3Cited by17 opinions
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