Legal Opinion
In re the Liquidation of New York Title & Mortgage Co.
New York Supreme Court
Decided June 17, 1936PublishedCited by 5 opinions
1Opinion of the CourtFrankenthaler, J.
The rents received by the title company under the rent assignments constitute funds received in trust for the benefit of the certificate holders. (Matter of People [Lawyers Title & Guar. Co.], 265 N. Y. 20, 28, 29; Matter of People [N. Y. Title & Mtge. Co.], Id. 30; see answer to certified question 4; Matter of New York Title & Mortgage Co., 151 Misc. 701.) It was the company’s duty to apply the rents received under the rent assign*118ments to the payment of tax hens before using any of the funds to meet interest payments and thus discharge or reduce its own obligation upon its guaranties.…
2Cases cited2 opinions
- Matter of People (Lawyers Title Guar. Co.)New York Court of Appeals · 1934
- In re PeopleNew York Supreme Court · 1934
3Cited by5 opinions
- Hamberg v. Guaranteed Mortgage Co.New York Supreme Court · 1942
- In re the Liquidation of Lawyers Title & Guaranty Co.New York Supreme Court · 1937
- In re the Liquidation of New York Title & Mortgage Co.New York Supreme Court · 1937
- In re the Liquidation of New York Title & Mortgage Co.New York Supreme Court · 1937
- In re the Liquidation of New York Title and Mortgage Co.New York Supreme Court · 1939