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JAMES TALCOTT, INC. v. BEATON BUILDERS, INC.

73 A.D.2d 779 (1979)

James Talcott, Inc., Respondent, v. Beaton Builders, Inc., et al., Defendants, and Marine Midland Realty Credit Corporation et al., Appellants

Appellate Division of the Supreme Court of the State of New York, Third Department.

December 27, 1979

On June 16, 1970, defendant Beaton Builders, Inc. (Beaton), a housing developer, leased for a proposed development 61 acres of land in the Town of Esopus, Ulster County, from defendant Esopus Airport, Inc. (Airport), and thereafter, on November 7, 1973, plaintiff James Talcott, Inc., loaned Beaton $350,000 secured by a mortgage on all 61 acres. Prior to this loan, the Airport and Beaton had contracted, on September 23, 1973 in an agreement which was not recorded, that the...

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