LEO v. STEVENS


307 A.D.2d 453 (2003)

761 N.Y.S.2d 555

FRANK LEO, Appellant, v. THOMAS F. STEVENS et al., Respondents.

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

Decided July 3, 2003.


Crew III, J.P.

Plaintiff purchased a restaurant from defendants located in the Village of Cooperstown, Otsego County. Plaintiff financed the transaction by acquiring a mortgage from a bank and executing a second mortgage in favor of defendants. The second mortgage note provided, inter alia, that plaintiff "pay interest on any unpaid amount at the rate, based on New York Prime Index, of eleven percent (11%) per year until...

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