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INTERCOUNTY MORTGAGE CORP. v. McCROF REALTY, INC.

261 A.D.2d 183 (1999)

690 N.Y.S.2d 25

INTERCOUNTY MORTGAGE CORP., Respondent, v. McCROF REALTY, INC., Appellant, et al., Defendants.

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

Decided May 11, 1999.

The Referee properly applied the subject insurance proceeds against the balance due on the mortgage. Plaintiff mortgagee's successful bid at the foreclosure sale was for less than the balance due on the mortgage and did not terminate plaintiff's insurable interest (see, Whitestone Sav. & Loan Assn. v Allstate Ins. Co., 28 N.Y.2d 332, 334-335), and the insurance proceeds, although tendered prior to the sale, were insufficient...

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