Roslyn Savings Bank v. Comcoach Corp.

698 F.2d 571 (1983)

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Roslyn Savings Bank v. Comcoach Corp.

United States Court of Appeals for the Second Circuit
698 F.2d 571 (1983)

  • Written by Whitney Kamerzel , JD

Facts

Jon-Rac Associates (Jon-Rac) borrowed money from Roslyn Savings Bank (the Bank) (plaintiff) and secured the loan with a mortgage on Jon-Rac’s property. Rhone Holdings Nominee Corporation (Rhone) purchased the property from Jon-Rac and leased it to Comcoach Corp. (defendant) subject to the Bank’s mortgage. The Bank initiated a foreclosure action in New York State Supreme Court against Rhone when Rhone stopped making mortgage payments, but the Bank did not name Comcoach as a defendant. Comcoach soon filed for Chapter 11 bankruptcy. In response, the Bank filed an action asking the bankruptcy court to lift the automatic stay so the Bank could resume its foreclosure action against Rhone and name Comcoach as a defendant. The bankruptcy court held that the Bank was not a party in interest and therefore could not request that the stay be lifted. The district court affirmed, and the Bank appealed.

Rule of Law

Issue

Holding and Reasoning (Cardamone, J.)

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