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SURREY STRATHMORE v. DOLLAR SAV. BANK

36 N.Y.2d 173 (1975)

In the Matter of Surrey Strathmore Corp., Appellant, v. Dollar Savings Bank of New York, Respondent.

Court of Appeals of the State of New York.

Decided February 27, 1975.

Attorney(s) appearing for the Case

Henry A. Spelman and Harry P. Albert for appellant.

Robert S. Stitt, George W. Taliaferro, Jr. and Joan H. Hillenbrand for respondent.

Louis J. Lefkowitz, Attorney-General (Stanley Kantor, Samuel A. Hirshowitz, Meyer H. Mencher and Sol Koenigsberg of counsel), amicus curiae.

John J. Walsh, Stuart D. Root and W. Mowry Connelly for Federal National Mortgage Association, amicus curiae.

Chief Judge BREITEL and Judges JASEN, GABRIELLI and COOKE concur with Judge JONES; Judges WACHTLER and FUCHSBERG dissent and vote to reverse in their own separate opinions.

JONES, J.

On this appeal we are asked to hold that under the terms of a commercial mortgage, the corporate mortgagor is entitled in a proceeding under CPLR article 77 to an accounting with respect to installment payments made to the institutional mortgagee on account of real estate taxes on the mortgaged premises. The ultimate objective of the mortgagor is to establish its right to the income, if any, realized...

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