Wilson v. Ledger
Appellate Division of the Supreme Court of the State of New York
1Opinion of the CourtPeters, P.J.
Defendant R. Patrick Ledger entered into a contract with plaintiff for the purchase of an approximately 26-acre parcel of real property located in the Village of Lake Placid, Essex County for $450,000. The terms of the contract called for Ledger to pay $50,000 towards the purchase price at closing, with the balance to be paid pursuant to two separate notes and mortgages. The first note and mortgage was in the principal amount of $150,000, bore interest at a rate of 6% per annum and provided for payment in two equal annual installments. The second note and mortgage was in the principal amount…
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