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COUNSEL ABSTRACT, INC. v. JEROME AUTO CENTER, INC.

23 A.D.3d 274 (2005)

805 N.Y.S.2d 14

COUNSEL ABSTRACT, INC. DEFINED BENEFIT PENSION PLAN, Appellant, v. JEROME AUTO CENTER, INC., Respondent, et al., Defendants.

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

November 22, 2005.

Following defendant Jerome's failure to repay the principal amount of $190,000 due on September 9, 1991, the maturity date of the mortgage, plaintiff demanded payment and timely commenced this foreclosure action on or about March 19, 1993. Defendant mortgagor did not appear in answer to the complaint. However, in May 1993, Jeffrey Rosner, identified as Jerome's accountant, entered into a "Share Ownership Agreement" with plaintiff mortgagee, at which time Rosner purchased...

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