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SLAVENBURG CORP. v. NORTH SHORE EQUITIES, INC.

76 A.D.2d 769 (1980)

Slavenburg Corporation, Respondent, v. North Shore Equities, Inc., et al., Defendants-Appellants and Third-Party Plaintiffs. Howard Jackson Associates, Inc., et al., Third-Party Defendants

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

June 12, 1980

This action is bottomed on the claim that North Shore Equities, Inc. (North Shore), a wholly-owned subsidiary of Guardian Federal Savings and Loan Association (Guardian), induced plaintiff to lend to Alpha Developers Ltd. (Alpha) the sum of $1,200,000 for a period of one year. The loan was secured by a mortgage which matured simultaneously with the loan. As part of the arrangement North Shore committed itself to purchase the mortgage from plaintiff at maturity. When Alpha...

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