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AETNA INS. v. AVALON ORCHARDS

118 A.D.2d 297 (1986)

Aetna Life Insurance Company, Respondent, v. Avalon Orchards, Inc., et al., Appellants, et al., Defendant

Appellate Division of the Supreme Court of the State of New York, Third Department.

July 17, 1986

Attorney(s) appearing for the Case

William G. Kerwick for appellants.

Frederick S. Dennin for respondent.

MAHONEY, P. J., and LEVINE, J., concur with YESAWICH JR., J; KANE and WEISS, JJ., dissent in part and concur in part in an opinion by KANE, J.

YESAWICH, JR., J.

In December 1982, plaintiff obtained a judgment of foreclosure and sale against defendants Avalon Orchards, Inc. and Kent L. Aldershof (hereinafter defendants) in the amount of $1,006,926.33. The public sale, conducted January 6, 1983, at which plaintiff bid in the mortgaged property for $650,000 — the then value of the property as claimed by plaintiff's appraiser — was subsequently...

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