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Hahn Loeser served as lead trial counsel to The Hayner Hoyt Corporation in a case that has been widely cited in New York Lending Law treatises, after the Fourth Appellate District for the State of New York unanimously affirmed the decision of the New York State Supreme Court to grant summary judgment in favor of Hayner Hoyt (Altshuler Shaham Provident Funds, Ltd. v. GML Tower LLC, 28 Misc.3d 475, 900 N.Y.S.2d 846). This decision provided Hayner Hoyt and its subcontractors with first priority for Mechanic’s Liens valued in excess of $3.5 million. The decisions of both courts interpret sections of the New York lien law applicable to building loan mortgages. They have been reported in virtually all New York treatises regarding secured and mortgage financing because the Mechanics’ Liens were filed long after the recordation of the claimed $10 million “first” mortgage. After the highest New York court dismissed the mortgagee’s further attempt to appeal, Hayner Hoyt was able to purchase the “Symphony Towers” in downtown Syracuse and will complete the construction of the building as a 15-story, 75-suite apartment complex, adding to the revitalization of downtown.
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© 2009 Hahn Loeser & Parks LLP
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