In re the Bowery Savings Bank

New York Supreme Court

In re the Bowery Savings Bank

158 Misc. 180, 284 N.Y.S. 232, 1936 N.Y. Misc. LEXIS 901

DecidedJanuary 2, 1936

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This text of 158 Misc. 180 (In re the Bowery Savings Bank) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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In re the Bowery Savings Bank, 158 Misc. 180, 284 N.Y.S. 232, 1936 N.Y. Misc. LEXIS 901 (N.Y. Super. Ct. 1936).

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Opinion

Hofstadter, J.

Motion for payment of award to the Bowery Savings Bank is denied. An award in condemnation proceedings is properly payable to the first mortgagee, after a foreclosure, only to the extent that it is necessary to satisfy a deficiency resulting from the' sale. (Utter v. Richmond, 112 N. Y. 610.) In this case while the sale resulted in a deficiency, no proceeding was brought for the entry of a deficiency judgment within the period of time prescribed by section 1083-a of the Civil Practice Act. Accordingly, the proceeds of the sale must be deemed to be in complete satisfaction of the entire mortgage debt (Frenger v. Katz, 241 App. Div. 766); and as a matter of law there is no enforceable claim of the first mortgagee to which to apply the award. Under these circumstances the award is to be applied to the outstanding obligation of the owner to the subsequent mortgagee. Settle order.

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Hofstadter, J.

Motion for payment of award to the Bowery Savings Bank is denied. An award in condemnation proceedings is properly payable to the first mortgagee, after a foreclosure, only to the extent that it is necessary to satisfy a deficiency resulting from the' sale. (Utter v. Richmond, 112 N. Y. 610.) In this case while the sale resulted in a deficiency, no proceeding was brought for the entry of a deficiency judgment within the period of time prescribed by section 1083-a of the Civil Practice Act. Accordingly, the proceeds of the sale must be deemed to be in complete satisfaction of the entire mortgage debt (Frenger v. Katz, 241 App. Div. 766); and as a matter of law there is no enforceable claim of the first mortgagee to which to apply the award. Under these circumstances the award is to be applied to the outstanding obligation of the owner to the subsequent mortgagee. Settle order.

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158 Misc. 180, 284 N.Y.S. 232, 1936 N.Y. Misc. LEXIS 901, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-bowery-savings-bank-nysupct-1936.

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