Mortgagee Demands Sandy Payout Issued To Loan Recipient

Law360, New York (July 11, 2013, 5:31 PM EDT) -- The mortgagee of a New Brunswick, N.J., property has sued Hudson Insurance Group to secure a more than $900,000 payout for Superstorm Sandy damage that contends improperly went to a loan recipient.

In a July 2 complaint in Middlesex County Superior Court, Philadelphia-based RAIT Partnership LP claims Hudson had an obligation to name it as the payee on any insurance payments related to the Route 18 property.

The $907,650 in insurance proceeds intended to cover “significant” damage from the Oct. 29 hurricane instead ended up with...
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