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Secured Transactions Keyed to Lopucki
In re 495 Central Park Avenue Corporation
Citation:136 B.R. 626 (Bankr. S.D.N.Y. 1992)
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Brief Facts: A Synopsis of the Facts of the case.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The debtor, 495 Central Avenue, filed a voluntary petition for reorganizational relief under Chapter 11. The debtor thereafter continued in possession and control of its assets as a debtor in possession. The debtor’s primary asset is real property and a building located at 495 Central Avenue, New York. The debtor acquired the premises at 495 Central Avenue from Viewpoint Realty Corporation in April, 1991. The debtor took the property subject to an existing mortgage held by Hancock. Hancock holds a mortgage on the property in the principal amount of $3,950,000. In October, 1988, Viewpoint executed a promissory note and a mortgage to Hancock secured by the premises. Viewpoint remains obligated on the mortgage note held by Hancock. The debtor violated the terms of the mortgage held by Hancock by failing to make the required monthly mortgage payments on July 1, 1991. The debtor has moved for an order permitting it to obtain credit either from its shareholders, Silverman and Borek, or from a third-party lender, which would prime the secured positions of Hancock and Viewpoint.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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