STATE BANK v. FIORAVANTI


51 N.Y.2d 638 (1980)

State Bank of Albany, Respondent, v. William V. Fioravanti III et al., Defendants, and Mary Fioravanti, Appellant.

Court of Appeals of the State of New York.

Decided December 22, 1980.


Attorney(s) appearing for the Case

Ernest Abdella and George Abdella for appellant.

Stephen Reynolds for respondent.

Judges JASEN, JONES and FUCHSBERG concur with Judge MEYER; Judge WACHTLER dissents and votes to reverse in a separate opinion in which Chief Judge COOKE and Judge GABRIELLI concur.


MEYER, J.

A mortgage which contains a dragnet clause, securing not only the bond referred to in the mortgage but in addition any and all further loans from the mortgagee to the mortgagor, subject only to the limitation that the maximum amount secured at any time shall be the original principal amount, secures not only the original $2,500 obligation but also a later $6,800 note of the mortgagors to the mortgagee...

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