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SECURITY PACIFIC MORTG. & R. EST. v. CANADIAN LAND

No. 87 Civ. 3629(PNL).

690 F.Supp. 1214 (1988)

SECURITY PACIFIC MORTGAGE AND REAL ESTATE SERVICES, INC., Plaintiff, v. CANADIAN LAND COMPANY OF AMERICA, N.V., a/k/a Canadian Land Company of America, Inc., NYL, Inc. f/k/a Greatneckers, Inc., d/b/a the New York Land Company, NYL Properties, Inc., the People of the State of New York, the City of New York, Irving Haase & Co., Inc., Lombard Odier & Cie, and the Republic of the Philippines, Defendants.

United States District Court, S.D. New York.

June 28, 1988.

Attorney(s) appearing for the Case

Weil, Gotshal & Manges, New York City (Michael K. Stanton, Lesley E. Goldberg, Kenneth L. Bressler, Adam L. Wekstein, Konrad L. Cailteux, of counsel), for plaintiff.

Paul, Weiss, Rifkind, Wharton & Garrison (Robert S. Smith, Pamela S. Hoopes, of counsel), Shereff, Friedman, Hoffman & Goodman (Andrew J. Levander, Elliott Dobin, of counsel), New York City, for defendant Canadian Land Co. of America, N.V.

Phillips, Nizer, Benjamin, Krim & Ballon, New York City (Perry S. Galler, Lawrence M. Sands, of counsel), for defendants NYL, Inc. and NYL Properties, Inc.

OPINION AND ORDER

LEVAL, District Judge.

Security Pacific Mortgage and Real Estate Services, Inc. ("Security Pacific"), mortgagee of the building and land at 730 Fifth Avenue in New York City, also known as the Crown Building, moves for summary judgment of foreclosure. The mortgagor Canadian Land Company of America, N.V. does not contest the fact of numerous defaults on its mortgage obligations.1 Nor does it dispute that the...

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