The action is one to foreclose a mortgage. Plaintiffs sold the land in question, a farm, to defendant Young. The sale price was $250,000. Young made a down payment of $50,000 and gave a mortgage to plaintiffs for the remaining $200,000. Shortly after recording the deed, Young conveyed the property without notice to plaintiffs to defendant Chateaugay Land Company (Chateaugay). Pursuant to the mortgage, the first interest payment became due on January 1, 1982. The mortgage...
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