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Property Keyed to French
Manufacturers and Traders Trust Co. v. First National Bank
Facts
In 1956, Joseph Shinstock and his wife borrowed $25,000 from First National Bank (Plaintiff) in return for a mortgage on their property. They defaulted, but on August 20, 1957, they remortgaged their property in return for a 90-day extension of the deadline to repay the $25,000. That same day, Manufacturers and Traders Trust Co. (Defendant) obtained a judgment against the Shinstocks in federal court. The second mortgage was recorded on August 23, and the judgment was recorded on August 28. Plaintiff had neither actual nor constructive knowledge of the judgment lien against the Shinstocks. The bank sued in state court, seeking judgment that its mortgage had priority over the judgment lien. The court held that it did, and Defendant appealed.
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