Riley v. South Somers Development Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Santucci, J.
In this case we consider for the first time whether the tendering of a deed in lieu of foreclosure is the legal equivalent of a foreclosure. We hold that it is not.
By contract dated July 28, 1986, the plaintiff Allan J. Riley agreed to sell a 200-acre parcel of property in the Town of Somers, New York, to the defendant, 95 Kings, Inc. (hereinafter 95 Kings)! The purchase price for the property was $3,500,000. Under the terms of the contract the plaintiff was to receive $2,990,000 in cash and the remainder by assumption of a first mortgage held by Jean B.…
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- American Savings & Loan Ass'n v. EidelbergNew York Supreme Court · 1967
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