FED. DEPOSIT INS. CORP. v. PAUL PROPS. — NUTLEY III


57 A.D.2d 855 (1977)

Federal Deposit Insurance Corporation, Appellant, v. Paul Properties — Nutley III, Respondent

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

May 9, 1977


Order reversed insofar as appealed from, on the law, with $50 costs and disbursements, and, on reargument, plaintiff's motion for summary judgment granted, and defendant's motion denied.

The defendant made and delivered to Franklin National Bank a written promissory note, dated September 11, 1973, in the amount of $515,000, with interest payable monthly at an annual rate of 11¾%. The note was secured by 10 negotiable...

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