The fraud which forms the basis for the plaintiff's action, occurred in August, 1964, and this action was not commenced until December 28, 1970. The record discloses that plaintiff had knowledge of all of the operative facts concerning its claim of fraud since some time in 1965, when Fifth Avenue Associates foreclosed its mortgage. It knew since that time that the mortgage received by it from a subsidiary of Adson Industries, Inc., was a third lien rather than a second lien...
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