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RENAISSANCE COMPLEX REDEVELOPMENT CORP. v. RENAISSANCE ASSOCS.

255 A.D.2d 274 (1998)

680 N.Y.S.2d 248

Renaissance Complex Redevelopment Corporation, Respondent, v. Renaissance Associates, Appellant, et al., Defendants

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

November 24, 1998

A purchaser who defaults at a foreclosure sale is generally liable to the mortgagee for any deficiency between its bid and the amount obtained at a resale, and thus the deposit paid by the defaulting purchaser at the first sale could have been used towards eliminating any such deficiency (see, Matter of Bertino v Kalmanash, 94 A.D.2d 794). That circumstance, however, did not eventuate here. The mortgagee's bidding in of the...

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