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NAB ASSET VENTURE IV, L.P. v. ORANGEBURG EQUITIES

299 A.D.2d 528 (2002)

751 N.Y.S.2d 41

NAB ASSET VENTURE IV, L.P., Respondent, v. ORANGEBURG EQUITIES et al., Appellants.

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

Decided November 25, 2002.

Ordered that the order is affirmed, with costs.

John Timoney, Pierce Paley, and Mark E. Baker were general partners in Orangeburg Equities (hereinafter Orangeburg), which was formed to develop a condominium complex in Rockland County. A series of mortgage loans were extended to Orangeburg by Apple Bank for Savings (hereinafter Apple Bank), which were consolidated in a $5 million mortgage in 1986. Baker and Paley defaulted on their obligations under the loan agreement...

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