This section contains the nature of the case and procedural background.

P loaned D $145 million secured by a nonrecourse mortgage on D’s sole property, a 41-story office building in New York City. In 1991, D failed to pay property taxes and failed to meet a payment on its loan. A default of the loan had occurred. P filed for foreclosure and brought an equitable action for waste to enjoin distribution of D’s cash assets. The district court was not buying this action and refused to consider the nonpayment of taxes as actionable waste.

The legal issues presented in this case will be displayed here.

The court's holding and decision will be displayed here.

Legal analysis from Dean's Law Dictionary will be displayed here.