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McINTOSH BUILDERS, INC. v. BALL

264 A.D.2d 869 (1999)

695 N.Y.S.2d 196

McINTOSH BUILDERS, INC., et al., Respondents, v. DWIGHT R. BALL et al., Appellants, et al., Defendants.

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

Decided September 9, 1999.

Yesawich Jr., J.

This action arises from a loan arrangement underlying the ill-fated efforts of plaintiff McIntosh Builders, Inc. to develop a residential subdivision in the Town of Vestal, Broome County. In 1988, McIntosh, in need of funds, executed a mortgage to secure a $335,000 loan from defendant Anne V. Ayres, $160,000 of which was disbursed at the closing. The mortgage note stated that the remaining balance, $175,000 of security, had been "deposited" with the...

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