Metropolitan Investors Service, Inc. v. President & Directors of the Manhattan Co.
New York Court of Appeals
I. Until the mortgaged property was disposed of to a third party, it remained a part of the fund for which the senior interest holder was accountable under the ownership agreement. (Intra-State Investors Corp. v. New Yorh Trust Co., 249 App. Div. 591, 276 N. Y. 527; Dows Estates, Inc., v. Smith, 290 N. Y. 484.) II. Fraud is not a necessary element of plaintiff’s action for accounting. (Intra-State Investors Corp. v. New Yorh Trust Co., 249 App.
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I. Until the mortgaged property was disposed of to a third party, it remained a part of the fund for which the senior interest holder was accountable under the ownership agreement. (Intra-State Investors Corp. v. New Yorh Trust Co., 249 App. Div. 591, 276 N. Y. 527; Dows Estates, Inc., v. Smith, 290 N. Y. 484.) II. Fraud is not a necessary element of plaintiff’s action for accounting. (Intra-State Investors Corp. v. New Yorh Trust Co., 249 App. Div. 591, 276 N. Y. 527; Van Epps v. Van Epps, 9 Paige 237; Fulton v. Whitney et al., 66 Y. 548; Bennett et al. v. Austin, 81 N. Y. 308.) III. The…
1Opinion of the CourtDesmoNd, J.
Plaintiff formerly owned the junior interest, defendant’s testate the senior interest, in a real property mortgage. Their respective rights in that lien were described in an agreement entered into between their predecessors. The mortgage was foreclosed and the land was bought in at the foreclosure sale by defendant’s testator at a price less than was required to satisfy its share of the mortgage. Plaintiff sues here for an accounting under the mortgage ownership agreement, the complaint alleging that defendant, on reselling the premises after having bid it in at the foreclosure sale, got a…
2Cases cited9 opinions
- Hinkle Iron Co. v. . KohnNew York Court of Appeals · 1920
- Nutt v. . CumingNew York Court of Appeals · 1898
- Markey v. LangleySupreme Court of the United States · 1876
- Title Guarantee & Trust Co. v. Mortgage CommissionNew York Court of Appeals · 1937
- Lowenfeld v. WimpleAppellate Division of the Supreme Court of the State of New York · 1910
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