In re Bond & Mortgage Guarantee Co.

New York Supreme Court

In re Bond & Mortgage Guarantee Co.

171 Misc. 375, 12 N.Y.S.2d 662, 1939 N.Y. Misc. LEXIS 1941

DecidedMarch 11, 1939

StatusPublished

This text of 171 Misc. 375 (In re Bond & Mortgage Guarantee Co.) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re Bond & Mortgage Guarantee Co., 171 Misc. 375, 12 N.Y.S.2d 662, 1939 N.Y. Misc. LEXIS 1941 (N.Y. Super. Ct. 1939).

Pincite

Opinion

Fbankenthaler, J.

The principle upon which petitioner relies in making this application is not applicable here. The junior interest held by the liquidator does not represent the unsold portion of a mortgage retained by the company which guaranteed the sold portion. The junior interest was created by and acquired from Title Guarantee and Trust Company, and the rights of the liquidator as to said junior interest are no different, merely because the company for which he is liquidator guaranteed the senior interest, than his rights would be if said company had not guaranteed the senior interest. Furthermore, the relief sought is contrary to the provisions of the plan of reorganization and the extension and modification agreement.

Motion denied. Order signed.

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Fbankenthaler, J.

The principle upon which petitioner relies in making this application is not applicable here. The junior interest held by the liquidator does not represent the unsold portion of a mortgage retained by the company which guaranteed the sold portion. The junior interest was created by and acquired from Title Guarantee and Trust Company, and the rights of the liquidator as to said junior interest are no different, merely because the company for which he is liquidator guaranteed the senior interest, than his rights would be if said company had not guaranteed the senior interest. Furthermore, the relief sought is contrary to the provisions of the plan of reorganization and the extension and modification agreement.

Motion denied. Order signed.

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Bluebook (online)

171 Misc. 375, 12 N.Y.S.2d 662, 1939 N.Y. Misc. LEXIS 1941, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-bond-mortgage-guarantee-co-nysupct-1939.