Jeffrey B. Steiner, left, and Scott A. Weinberg, right 'Atlas Brookview' and 'Clogging' the Equity of Redemption
Until now, no New York court has directly ruled on whether an accommodation pledge is void for violating the equity of redemption. A recent decision issued by the New York State Supreme Court, County of New York, Atlas Brookview Mezzanine v. DB Brookview, however, has directly addressed the issue.
January 18, 2022 at 12:19 PM
5 minute read
In recent years, we have seen an increase in the number of mortgage lenders that require a pledge of the equity interests in the mortgage borrower in addition to the granting of the mortgage encumbering the real property. Often called an "accommodation" pledge, typically the structure of such collateral entails the sole member of the mortgage borrower executing a guaranty of the loan, which guaranty is secured by such pledge.
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