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BARCLAY'S BANK OF NEW YORK v. SMITTY'S RANCH, INC.

122 A.D.2d 323 (1986)

Barclay's Bank of New York, N. A., Respondent, v. Smitty's Ranch, Inc., et al., Appellants, et al., Defendants

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

July 3, 1986

Weiss, J.

On July 17, 1983, in order to secure a loan in the sum of $35,000, defendant Smitty's Ranch, Inc., executed and delivered an instrument purporting to be a bond and mortgage upon land owned by Smitty's Ranch in favor of Banker's Trust of Hudson Valley, N. A. (Banker's Trust). The mortgage, which provided for acceleration in the event of default, required the mortgagor (Smitty's Ranch) to pay, in addition to principal and interest payments, all...

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