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LEHMAN BROTHERS HOLDINGS, INC. v. PENSON

4 A.D.3d 151 (2004)

771 N.Y.S.2d 509

LEHMAN BROTHERS HOLDINGS, INC., Respondent, v. ANDREW PENSON et al., Defendants, and LIBERTY WAREHOUSE LLC, Appellant.

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

February 10, 2004.

In connection with its acquisition of the mortgage from plaintiff, Athena-Liberty Finance released defendant mortgagor Liberty Warehouse from further liability on condition that the latter not interfere with or jeopardize the validity of the loan. This did not constitute a satisfaction of the mortgage, which might have entitled the mortgagor to any remaining funds (cf. First Natl. Bank & Trust Co. of Ellenville v Hyman Novick Realty Corp., 68 A...

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