Carroll v. Miller
New York Supreme Court, Appellate Division
561 N.Y.S.2d 47 (1990)
- Written by Eric Miller, JD
Facts
Gary Carroll (plaintiff) purchased property from Ruth Miller (defendant) through a wraparound mortgage—that is, a form of financing in which a junior mortgage wraps around the seller’s existing mortgage. The wraparound mortgage contained a provision allowing for prepayment, which Carroll exercised. Miller refused to pay off the existing mortgage, which was held by Maspeth Federal Savings and Loan Association (Maspeth) (defendant). Carroll brought suit for a declaratory judgment. The court held that the prepayment provision created an implied obligation on Miller’s part to satisfy the original mortgage. Miller appealed.
Rule of Law
Issue
Holding and Reasoning ()
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