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MATTER OF REDNOW REALTY CORP. v. TULLY

72 A.D.2d 621 (1979)

In the Matter of Rednow Realty Corp., Petitioner, v. James H. Tully, Jr., et al., Constituting The State Tax Commission, et al., Respondents

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

October 11, 1979

We are here concerned with three mortgages designated as the prior, modified and remodified mortgages. Petitioner, in order to construct a building on certain leasehold property owned by it, executed the prior mortgage for $12,000,000 with Precision Dynamics Corporation. The recording tax was paid on this mortgage and it was assigned to Chemical Bank. Petitioner and Chemical Bank thereafter executed the modified mortgage which stated, in pertinent part: "The Original Loan...

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