Mooney Byrne

It has long been the law in New York that a deed that serves as security for a debt is considered nothing more than a mortgage. Applying this principle, New York courts have treated deeds given to lenders at origination or upon the extension of the maturity date of the loan as mortgages, even so-called “deeds in the box,” which have long been treated as mortgages. Patmos Fifth Real Estate Inc. v. Mazl Building, LLC, 124 A.D.3d 422 (1st Dep’t 2015).