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KOREA COMMERCIAL BANK OF NEW YORK v. IANOS

236 A.D.2d 249 (1997)

653 N.Y.S.2d 561

Korea Commercial Bank of New York, Plaintiff, v. Basil D. Ianos, Appellant, and Korea First Bank of New York, Respondent, et al., Defendants

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

February 11, 1997

We agree with the IAS Court that appellant's payment of outstanding taxes does not warrant that his claim to the surplus money be given priority over that of a junior mortgagee under the doctrine of equitable subrogation. The purpose of that doctrine is "`to compel the ultimate payment of a debt by one who in justice, equity, and good conscience ought to pay it'" (Laventall v Pomerantz, 263 N.Y. 110, 113), which, with respect...

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