BANQUE ARABE ET INTERNATIONALE D'INVESTISSEMENT v. ONE TIMES SQUARE ASSOCS. LTD. P'SHIP


207 A.D.2d 727 (1994)

617 N.Y.S.2d 1

Banque Arabe Et Internationale D'Investissement, Respondent, v. One Times Square Associates Limited Partnership et al., Defendants, and Spectacolor Inc., Appellant

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

September 22, 1994


The IAS Court did not abuse its discretion in rejecting appellant's excuse that it had relied on the bad advice of its former attorney in not contesting the foreclosure action. In sworn testimony given 14 months before the motion to vacate, appellant's principal acknowledged the likely practical effect of the anticipated foreclosure, demonstrating an understanding of the course charted inconsistent with a naive or inexperienced individual who could be forgiven for relying...

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