Pennsylvania Steel Co. v. Title Guarantee & Trust Co.
New York Court of Appeals
Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered July 17, 1907, affirming a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term. The nature of the action and the facts, so far as material, are stated in the opinion. The Lien Law does not purport to regulate the disposition of the proceeds of a building loan.
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Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered July 17, 1907, affirming a judgment in favor of plaintiff entered upon a decision of the court on trial at Special Term. The nature of the action and the facts, so far as material, are stated in the opinion. The Lien Law does not purport to regulate the disposition of the proceeds of a building loan. (L. 1897, cli. 418, § 21.) The learned justice at Special Term erred in deciding, as matter of law, that the true agreement between the title company and Forgotston was never filed.…
1Opinion of the Court
Cullen, Ch. J.
In November, 1903, Frederick G. Potter, the owner of certain real estate in the city of New York which was subject to a mortgage for the sum of $160,000, entered into a contract with one Forgotston for the sale of said realty for the sum of $265,000, to be paid by the assumption of the existing mortgage of $160,000, and by giving a purchase-money mortgage for the remaining $105,000. The contract further provided that the purchaser should erect upon the premises a building of a specified description, and that Potter would obtain for Forgotston a building loan of $370,000, out of…
2Cases cited3 opinions
- Smyth v. . SturgesNew York Court of Appeals · 1888
- Alyea v. Citizens' Savings BankAppellate Division of the Supreme Court of the State of New York · 1896
- Frain v. KleinAppellate Division of the Supreme Court of the State of New York · 1897
3Cited by26 opinions
- Imperator Realty Co. v. . TullNew York Court of Appeals · 1920
- York Mortgage Corp. v. Clotar Construction Corp.New York Court of Appeals · 1930
- United States v. Stanolind Crude Oil Purchasing Co.Court of Appeals for the Tenth Circuit · 1940
- National Importing & Trading Co. v. E. A. Bear & Co.Illinois Supreme Court · 1927
- Weaver Hardware Co. v. . SolomovitzNew York Court of Appeals · 1923
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