Steckel v. Tom-Art Associates, Ltd.

The plaintiffs loaned the corporate defendant Tom-Art Associates, Ltd. (hereinafter Tom-Art), the sum of $150,000, which was secured by a mortgage on property in Queens County owned by Tom-Art, and by a mortgage on property in Nassau County owned by Tom-Art’s principals, the defendants Thomas J. Lukas and Thomie Lukas. When Tom-Art defaulted on the loan, the plaintiffs foreclosed on the Lukas’s property in Nassau County, and that property was sold at a foreclosure sale. The plaintiffs did not seek a deficiency judgment in the Nassau County action.

The plaintiffs subsequently commenced this…