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767 THIRD AVENUE LLC v. ORIX CAPITAL MARKETS, LLC

26 A.D.3d 216 (2006)

812 N.Y.S.2d 8

767 THIRD AVENUE LLC et al., Respondents, v. ORIX CAPITAL MARKETS, LLC, Appellant. 767 THIRD AVENUE LLC et al., Respondents-Appellants, v. ORIX CAPITAL MARKETS, LLC, Appellant-Respondent.

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

February 14, 2006.

Plaintiffs, fee owners of commercial properties at 767 Third Avenue and 320 West 13th Street respectively, claim an entitlement to obtain an assignment of their mortgage, rather than a satisfaction piece, upon refinancing and prepayment of their mortgage loans. While such a right would save them hundreds of thousands of dollars in mortgage recording taxes — which are calculated based upon the new amount being loaned upon refinancing — no such right was granted...

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