1163 Realty Corp. v. United Institutional Servicing Corp.

Plaintiff corporation, builder of one-family homes on Staten Island, sues to recover money allegedly retained wrongfully by defendant corporations, who are engaged in the business of mortgage banking, funding, and brokering. The latter companies agreed in the fall of 1965, to arrange mortgage financing and construction loans for plaintiff’s construction of a development consisting of approximately 110 homes. Defendant U.I.&I. Funding Corporation is a successor to defendant United Institutional Servicing Corp. The case was tried without a jury.

The dispute centers on mortgage moneys totaling…