PIONEER VILL. DEV. CORP. v. XAR CORP.


55 A.D.2d 769 (1976)

Pioneer Village Development Corp., Appellant, v. Xar Corporation, Respondent

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

December 20, 1976


Plaintiff conveyed certain real property to defendant by a deed absolute on its face and concurrently obtained in return an option to repurchase the same property by a given time at a certain price. The proceeds of the sale were intended, in part, to satisfy a pre-existing mortgage on the property which was then on the brink of foreclosure. About one hour after the time for exercise of the option had expired, plaintiff's owner appeared at the office of defendant's attorney...

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