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RILEY v. S. SOMERS DEV. CORP.

222 A.D.2d 113 (1996)

644 N.Y.S.2d 784

Allan J. Riley, Appellant, v. South Somers Development Corp. et al., Respondents, et al., Defendant

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

July 1, 1996

Attorney(s) appearing for the Case

Bachner, Tally, Polevoy & Misher, New York City (Todd S. Steckler of counsel), for appellant.

Wormser, Kiely, Galef & Jacobs, White Plains (Lawrence R. Dittelman, Lester D. Steinman and Daniel Pozin of counsel), for respondents.

BALLETTA, J. P., KRAUSMAN and FLORIO, JJ., concur.

SANTUCCI, J.

In this case we consider for the first time whether the tendering of a deed in lieu of foreclosure is the legal equivalent of a foreclosure. We hold that it is not.

By contract dated July 28, 1986, the plaintiff Allan J. Riley agreed to sell a 200-acre parcel of property in the Town of Somers, New York, to the defendant, 95 Kings, Inc. (hereinafter 95 Kings). The purchase price for the property...

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