Galusha v. Schur

In December, 1960 plaintiff purchased from defendant a large farm together with a herd of dairy cattle and the machinery, tools and equipment used in its operation. In part payment of the purchase price plaintiff conveyed his equity in an apartment house located in Ossining, New York, assumed the obligations of existing mortgages on the real *33and personal property and executed and delivered to defendant second mortgages thereon. Following defaults by plaintiff in the payments due under the various mortgages, including those held by defendant, negotiations looking to a resolution of the dilemma…