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KRAMNICZ v. FIRST NAT'L BANK OF GREENE

32 A.D.2d 1009 (1969)

Helen T. Kramnicz et al., Respondents, v. First National Bank of Greene et al., Appellants

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

July 7, 1969

GREENBLOTT, J.

Respondent, Cloverleaf Inn, Inc., is the owner of a three-story hotel, at Sherwood, located in the Village of Greene. The hotel had been built in 1910, and had been purchased by the respondents Kramnicz in 1960 for $56,000. They in turn conveyed the property to respondent Cloverleaf Inn, Inc., a corporation in which they owned 99.5% of the stock. At the time of the purchase, the First National Bank of Greene held a first mortgage on the...

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