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CITIBANK v. SAHAKIAN

225 A.D.2d 333 (1996)

638 N.Y.S.2d 911

Citibank, N. A., Respondent, v. Rima Sahakian et al., Defendants, and Strategic Holding Corp., Appellant

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

March 7, 1996

Although time was not made of the essence, the referee of sale found appellant in default for failure to close. The terms of sale, which a principal of appellant signed, and to which it was, therefore, bound, granted the referee discretion to grant an adjournment of the closing, which it did on one occasion, and to direct a new foreclosure sale in the event of noncompliance with the terms of sale. The terms of sale also provided...

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