A real estate borrower's claim that a deed favoring the lender could not be a conveyance of the property unless normal foreclosure proceedings are followed has been unanimously affirmed by a Manhattan appeals court.
January 13, 2015 at 12:00 AM
1 minute read
Defendant Mazl Building had required its borrower, Patmos Fifth Real Estate, to execute the deed and place it in escrow for more time to repay a loan used to purchase and renovate a Manhattan property.
The agreement stated that Mazl could record the deed if Patmos defaulted, which it did a few months later.
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