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MERRILL LYNCH EQUITY MGMT., INC. v. KLEINMAN

246 A.D.2d 884 (1998)

668 N.Y.S.2d 726

Merrill Lynch Equity Management, Inc., Now Known as Merrill Lynch Credit Corporation, Respondent, v. Stephanie S. Kleinman et al., Defendants, and Phh Us Mortgage Corporation, Appellant

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

January 22, 1998

Carpinello, J.

This action involves a dispute between two mortgagees. On February 1, 1989, plaintiff accepted a $38,000 mortgage from defendants Harry C. Kleinman and Stephanie S. Kleinman to secure a revolving credit line in an amount not to exceed $38,000. Unlike a traditional mortgage which typically begins with a single advance of funds and is amortized over the life of the loan by regular monthly payments...

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