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KEY BANK v. LAKE PLACID CO.

103 A.D.2d 19 (1984)

Key Bank of Northern New York, N. A., Respondent, v. Lake Placid Company et al., Appellants, and North Mississippi Savings and Loan Association et al., Respondents, et al., Defendants

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

July 26, 1984

Attorney(s) appearing for the Case

Briggs, Dwyer & Smith, P. C. (Ronald J. Briggs and Edward P. Finnerty of counsel), for appellants.

Fischer, Hughes, Bessette & Edwards; Hiscock, Lee, Rogers, Henley & Barclay (Richard K. Hughes of counsel; Frederick F. Shantz and Jack W. Murphy on the brief); Poskanzer, Hessberg, Blumberg, Dolin, Barba, Greisler & Trombly (Anthony J. Carpinello of counsel), for Key Bank of Northern New York, N. A., and others, respondents.

James M. Brooks for North Mississippi Savings and Loan Association, respondent.

Tabner & Carlson (David S. Mackay of counsel), for John W. Tabner and others, respondents.

KANE, CASEY, WEISS and LEVINE, JJ., concur.

MAHONEY, P. J.

This action was commenced to foreclose on four mortgages given to plaintiff's predecessor by Lake Placid Company (Lake Placid) on property known as Lake Placid Club Resort located in Essex County. Approximately 97% of the stock of Lake Placid was owned by the Lake Placid Education Foundation (Foundation) when, in February of 1980, Lake Placid filed for arrangement pursuant to the Bankruptcy Act...

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