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FINEST v. SEC. TRUST

96 A.D.2d 227 (1983)

Finest Investments, Respondent-Appellant, v. Security Trust Company of Rochester et al., Appellants-Respondents. (Action No. 1.) Fedele V. Scutti, Appellant-Respondent, v. Finest Investments, Respondent-Appellant. (Action No. 2.)

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

November 4, 1983

Attorney(s) appearing for the Case

Shapiro, Rosenbaum & Liebschutz (Warren B. Rosenbaum of counsel), for George P. Voxakis, appellant-respondent in Action No. 1.

Elliott, Stern & Calabrese (Warren B. Rosenbaum of counsel), for Security Trust Company of Rochester, appellant-respondent in Action No. 1, and Fedele V. Scutti, appellant-respondent in Action No. 2.

Edwin Robert Schulman for Finest Investments, respondent-appellant.

HANCOCK, JR., J. P., CALLAHAN, DENMAN and MOULE, JJ., concur.

BOOMER, J.

The sole issue in these mortgage foreclosure actions concerns the order of priority of the liens of two mortgages. The mortgage first in time, now held by Scutti, was given by the mortgagor as part of the purchase price of 20 acres of land. The subsequent mortgage, now held by Finest Investments, was given to secure a loan of $150,000, $119,000 of which was expended for commitments for loans to finance...

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