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MATTER OF THRIFT ASS'NS SERV. CORP. v. DeBUONO

255 A.D.2d 809 (1998)

680 N.Y.S.2d 746

In the Matter of Thrift Associations Service Corporation, Appellant, v. Barbara A. DeBuono, as Commissioner of The New York State Department of Health, et al., Respondents

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

November 19, 1998

Spain, J.

The facts in this matter are not in dispute. In 1974 petitioner loaned approximately $5.6 million, secured by a mortgage, to Smithtown Geriatric Complex, Inc., which at the time operated a residential health care facility and nursing home on the premises. Smithtown defaulted on the loan and petitioner commenced a foreclosure proceeding in 1976. As a result, in June 1978 respondent Commissioner of Health appointed respondent Lutheran Center for...

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