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SEC. TRUST v. GRANEY

89 Misc.2d 290 (1977)

Security Trust Company of Rochester, Plaintiff, v. Robert L. Graney et al., Defendants.

Supreme Court, Monroe County.

January 14, 1977

Attorney(s) appearing for the Case

Harris, Beach & Wilcox (David C. Boysen of counsel), for plaintiff. Easton, Bittker, Wolf & De Luca (George T. Wolf of counsel), for Lyndon Farm, Inc., defendant.

EMMETT J. SCHNEPP, J.

The question for determination is whether the holder of a mortgage to secure future advances has priority, ipso facto, over a junior purchase-money mortgage. On May 12, 1971 the defendant Lyndon Farm, Inc. executed a mortgage note, mortgage and building loan agreement in the amount of $1,500,000 in favor of the plaintiff for the construction of an apartment project. In July, 1973...

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