In re a Plan of Readjustment, Modification & Reorganization of Rights of Holders of Mortgage Investments

Appellate Division of the Supreme Court of New York

In re a Plan of Readjustment, Modification & Reorganization of Rights of Holders of Mortgage Investments

262 A.D. 969, 30 N.Y.S.2d 224, 1941 N.Y. App. Div. LEXIS 6700

Appellate Division of the Supreme Court of the State of New York·Decided September 29, 1941·Published

Opinion

The trustee of this certificated mortgage made an application to be permitted to enter into an extension agreement extending and [970]*970modifying the bond and mortgage. The Special Term denied the application. Order modified on the law and the facts so as to provide that the application be granted, and as so modified affirmed, without costs. The holders of 94.3 per cent of the certificates having consented to the extension and modification and no certificate holder having objected, in our opinion it was an improper exercise of discretion to deny the application. Lazansky, P. J., Johnston, Adel, Taylor and Close, JJ., concur. Settle order on notice.

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The trustee of this certificated mortgage made an application to be permitted to enter into an extension agreement extending and [970]*970modifying the bond and mortgage. The Special Term denied the application. Order modified on the law and the facts so as to provide that the application be granted, and as so modified affirmed, without costs. The holders of 94.3 per cent of the certificates having consented to the extension and modification and no certificate holder having objected, in our opinion it was an improper exercise of discretion to deny the application. Lazansky, P. J., Johnston, Adel, Taylor and Close, JJ., concur. Settle order on notice.

In re a Plan of Readjustment, Modification & Reorganization of Rights of Holders of Mortgage Investments, 262 A.D. 969, 30 N.Y.S.2d 224, 1941 N.Y. App. Div. LEXIS 6700 (N.Y. Ct. App. 1941).

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262 A.D. 969 (In re a Plan of Readjustment, Modification & Reorganization of Rights of Holders of Mortgage Investments) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.