Brooklyn Trust Co. v. Callaghan

AUGUSTUS N. HAND, Circuit Judge.

On October 24, 1928, Prudence Company, Inc., was the owner of a consolidated first mortgage upon premises 107 West Eighty-Sixth street, borough of Manhattan, New York City. On August 2, 1929, Prudence Company, Inc., entered into an agreement with Realty Associates Securities Corporation reciting that Prudence Company, Inc., was the owner of ■ a senior participation in the mortgage to the extent of $825,000, and Realty Associates Securities Corporation was the owner of a junior participation therein to the extent of $100,000. Prudence Qompany, Inc., assigned the…