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GIRARD TRUST BANK v. CASTLE APARTMENTS, INC.

379 A.2d 1144 (1977)

GIRARD TRUST BANK, a Banking Corporation authorized and existing under the laws of the Commonwealth of Pennsylvania, Plaintiff, v. CASTLE APARTMENTS, INC., a Delaware Corporation, Defendant.

Superior Court of Delaware, New Castle.

Decided October 18, 1977.

Attorney(s) appearing for the Case

John T. Gallagher, and James F. Waehler of Morris, Nichols, Arsht & Tunnell, Wilmington, for plaintiff.

David H. Williams of Morris, James, Hitchens & Williams, Wilmington, for defendant.

TAYLOR, Judge.

Plaintiff holds the mortgage covering a 347 unit garden apartment complex on which the mortgage indebtedness exceeds $4,000,000. At the sale of the property under the foreclosure proceeding, the property was sold to plaintiff for $214,996.64. Defendant has moved to set aside the sale on the ground that the sale of the property having a fair market value of $4,000,000 for $214,996 represents gross inadequacy of price which shocks the conscience of the...

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