North Hill Funding of New York, LLC v. Maiden & Madison Holdings, LLC

Judgment, Supreme Court, New York County (O. Peter Sherwood, J.), entered April 16, 2014, in favor of plaintiffs, unanimously reversed, on the law, with costs, the judgment vacated, and the matter remanded for further proceedings in accordance herewith.

In 2010 plaintiff lender obtained a money judgment against defendants guarantors in excess of $36 million, plus interest. Subsequently the lender, guarantors and 158 Madison Avenue Associates (borrower) agreed that the real property could be sold and the borrower would pay the lender $34.4 million to release its lien. All sides reserved their…