Civil Procedure · MBE-tested
In the Matter of the Liquidation of National Title Guaranty Company. In the Matter of the Application of the Mortgage Commission of the State of New York for an Order Directing the Liquidator of National Title Guaranty Company to Turn over Certain Moneys Collected from the Security Underlying Series QT. Mortgage Commission of the State of New York, Respondent; Noah Fells, Intervenor-Appellant; Superintendent of Insurance of the State of New York, as Liquidator of the National Title Guaranty Company and Home Title Guaranty Company, Defendants
248 A.D. 759·New York Supreme Court, Appellate Division·1936·NY
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Opinion
In the Matter of the Liquidation of National Title Guaranty Company. In the Matter of the Application of the Mortgage Commission of the State of New York for an Order Directing the Liquidator of National Title Guaranty Company to Turn over Certain Moneys Collected from the Security Underlying Series QT. Mortgage Commission of the State of New York, Respondent; Noah Fells, Intervenor-Appellant; Superintendent of Insurance of the State of New York, as Liquidator of the National Title Guaranty Company and Home Title Guaranty Company, Defendants.
[MAJORITY]
Order directing the Home Title Guaranty Company to discontinue the servicing of four mortgages and to account for and turn over to the Mortgage Commission the income collected affirmed, with ten dollars costs and disbursements. The intervenor is not without remedy. If so advised, he may institute an appropriate action to compel the Mortgage Commission to resort to the $30,000 mortgage given by the principal debtor as security for its debt before applying the intervener’s mortgages and the income therefrom to the payment of the debt. Lazansky, P. J., Young, Carswell, Johnston and Taylor, JJ., concur.