Ganbaum v. Rockwood Realty Corp.
New York Supreme Court
62 Misc. 2d 391, 308 N.Y.S.2d 436 (1970)
- Written by Whitney Kamerzel , JD
Facts
Levine (defendant) purchased property subject to the second mortgage of Max Ganbaum (plaintiff), which contained an assignment-of-rent clause that required Levine to apply any rent profits made on the property to taxes, sewer and water bills, and interest and principal on the second mortgage. Under New York law, the mortgage gave Ganbaum, as the mortgagee, a lien on the mortgaged property and not the title. Levine, as the mortgagor, held the title to the property. Levine rented the property and did not apply the profits in a way approved by that clause. Ganbaum sued Levine for damages to recover these rent profits. Levine claimed that assignment-of-rent clauses, as a matter of law, are not effective until foreclosure or until a receiver is appointed.
Rule of Law
Issue
Holding and Reasoning (Spiegel, J.)
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