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STATE BANK OF ALBANY v. McDONNELL

40 A.D.2d 905 (1972)

State Bank of Albany, Respondent-Appellant, v. David H. McDonnell et al., Defendants, and William S. Iannello et al., Appellants-Respondents

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

November 16, 1972

The Iannellos were joint owners of a farm in Smyrna, New York which they sold to defendants McDonnell for a total consideration of $300,000. The plaintiff held real property and chattel mortgages on the property executed by the Iannellos and which were assumed by McDonnells as part of the purchase price. In addition, the bank took notes of $50,000 and $15,000 from the McDonnells secured by a chattel mortgage on their own chattels. These funds were advanced to pay part of...

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