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NYCTL 1998-2 TRUST & BANK OF N.Y. v. REVEREND C.T. WALKER HOUS. DEV. FUND CORP.

Index No. 153500/2014. Appeal Nos. 11909, 11909A. No. 2018-5892.

187 A.D.3d 409 (2020)

132 N.Y.S.3d 418

2020 NY Slip Op 05289

NYCTL 1998-2 Trust and Bank of New York as Collateral Agent, Respondent, v. Reverend C.T. Walker Housing Development Fund Corporation et al., Defendants. Keith Alfieri, Nonparty Appellant.

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

Decided October 1, 2020.

The motion court properly determined that Alfieri, the successful bidder at the foreclosure sale, was not entitled to the return of any part of his deposit after failing to tender the full 10% deposit required under the terms of sale. Paragraph seven of the terms of sale provided that in such circumstances, "[a] purchaser who defaults under these Terms of Sale shall not be entitled to a refund of any amount deposited with the Referee...

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