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PARK v. NEWBANK

8265. 651048/17.

168 A.D.3d 625 (2019)

91 N.Y.S.3d 689

2019 NY Slip Op 00675

Michael Park et al., Appellants, v. Newbank et al., Respondents.

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

Decided January 31, 2019.

The loan is not a construction loan, as it was not secured by a mortgage on real property (Lien Law § 2 [13], [14]; Juszak v Lily & Don Holding Corp., 224 A.D.2d 588, 589 [2d Dept 1996]).

Moreover, Newbank exercised its rights, under the security agreement, by taking possession of the proceeds of the sale of the collateral. Accordingly, plaintiffs failed to establish any...

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