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DESSER v. SCHATZ

182 A.D.2d 478 (1992)

Linda Desser, as Executrix of Arthur Desser, Deceased, Appellant, v. Irving Schatz et al., Respondents

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

April 14, 1992

On or about December 14, 1970, Milton Sheen and Irving Schatz duly executed a purchase money mortgage on Manhattan real estate known as the Henry Hudson Hotel to Arthur Desser for $427,275, together with a bond payable in 12 years. On July 6, 1971, Desser assigned that same purchase money mortgage to Security National Bank ("Security") as collateral for an unrelated $185,000 personal loan. Upon Desser's death in 1973, his interest in the purchase money mortgage passed to...

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