Town was named as defendant in foreclosure action based on holding drawn down LOC funds for unfinished subdivision improvements.

Memo of Law on motion to dismiss mortgage foreclosure action as against Town.

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The estate of a deceased principal of a land developer company held a mortgage on lands on which a residential subdivision had been approved, but the public improvements of which had not been completed. The Town drew down the funds on a letter of credit. On the basis of the town's holding drawn down funds, the estate named the town as a party defendant to the foreclosure action. The Town moved to dismiss. This is its memorandum of Law supporting the motion.

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Published In: Civil Remedies Updates, General Business Updates, Finance & Banking Updates, Commercial Real Estate Updates, Zoning, Planning & Land Use Updates

Reference Info:Legal Memoranda: Motions for Summary Judgment/Adjudication | State, 2nd Circuit, New York | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reuben Ortenberg, Woods Oviatt Gilman, LLP | Attorney Advertising

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