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BOARD OF MANAGERS OF THE HORIZON CONDOMINIUM v. GLICK DEVELOPMENT AFFILIATES

276 A.D.2d 386 (2000)

714 N.Y.S.2d 68

BOARD OF MANAGERS OF THE HORIZON CONDOMINIUM, Plaintiff, v. GLICK DEVELOPMENT AFFILIATES et al., Defendants, CHASE MANHATTAN BANK, N. A., Respondent, and JK&E PARTNERSHIP, Appellant.

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

Decided October 19, 2000.

Supreme Court correctly determined that the real estate tax refund received by Glick Development Affiliates constituted "Mortgaged Property" under the express definition of that term provided by the mortgages securing the notes held by defendant-respondent Chase, notwithstanding that such refund was received after Chase obtained a judgment of foreclosure and sale solely as to the real property securing Glick's debt. Since a secured...

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