Commercial Law Keyed to Lopucki
Bank Leumi Trust Co. of New York v. Liggett
Joseph and Mylene Liggett purchased real property located in Manhattan. The following year the property was transferred to Mylene Liggett individually. In February of 1980, Joseph Liggett’s first wife, Helen Liggett prevailed in an action for monies due under their 1970 separation agreement. She then commenced a separate action to enforce her judgment by setting aside the conveyance of the real property located in Manhattan as fraudulent. Between November 1980 and November 1981, Bank Leumi Trust Company of New York, (Petitioner), took successive mortgages on the Manhattan property to secure three loans. In February of 1982, Cosden Oil & Chemical Company, (Respondent), obtained and entered a judgment against Joseph Liggett. By February of 1984, Helen Liggett won partial summary judgment in her action for fraudulent conveyance and the sheriff was directed to sell the property and make distribution out of such proceeds in accordance with CPLR 5236(g). Both Respondent’s and Petitioner’s liens will be wiped out by the sale because they are subordinate to Helen Liggett’s lien. However, a plain reading of the statute suggests that Petitioner cannot share in the proceeds of the sale as a mortgager holder.
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