In re Proposal or Plan by Mortgage Commission

Appellate Division of the Supreme Court of New York

In re Proposal or Plan by Mortgage Commission

255 A.D. 708, 5 N.Y.S.2d 552, 1938 N.Y. App. Div. LEXIS 4870

Appellate Division of the Supreme Court of the State of New York·Decided July 1, 1938·Published

Opinion

Order denying motion for extension of time within which to file dissents to a plan of reorganization under the Mortgage Commission Act, reversed on the law, without costs, and motion granted. - In our opinion it was an improper exercise of discretion not to permit the dissents to be filed, particularly in view of the fact that the date for the hearing of objections and for passing upon the plan was adjourned and that upon the adjourned date, when the hearing was had, holders of upwards of forty per cent of the value of outstanding certificates dissented therefrom. Hagarty, Johnston, Adel and Close, JJ., concur; Lazansky, P. J., concurs in result.

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Order denying motion for extension of time within which to file dissents to a plan of reorganization under the Mortgage Commission Act, reversed on the law, without costs, and motion granted. - In our opinion it was an improper exercise of discretion not to permit the dissents to be filed, particularly in view of the fact that the date for the hearing of objections and for passing upon the plan was adjourned and that upon the adjourned date, when the hearing was had, holders of upwards of forty per cent of the value of outstanding certificates dissented therefrom. Hagarty, Johnston, Adel and Close, JJ., concur; Lazansky, P. J., concurs in result.

In re Proposal or Plan by Mortgage Commission, 255 A.D. 708, 5 N.Y.S.2d 552, 1938 N.Y. App. Div. LEXIS 4870 (N.Y. Ct. App. 1938).

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