Dry Dock Savings Institution v. Harriman Realty Corp.

A mortgage on a piece of realty amounted on the day of sale, with interest and expenses, to $2,906,681.39. The premises were bid in by the plaintiff for $100,000. The plaintiff now has the land and building. The referee has reported a deficiency of $2,806,681.39. This motion is to vacate an order to fix the fair and reasonable amount of the deficiency judgment.

A sale on foreclosure may, in a more or less accurate way, fix at least some criterion for the value of a parcel of realty because in an ordinary market there will always be bidders who will seek a bargain and the mortgagee will protect…