New York Life Insurance v. H. & J. Guttag Corp.

Pound, Ch. J.

Chapter 794, Laws of 1933, declares that a temporary emergency exists which requires legislative action relative to deficiency judgments in mortgage foreclosures and places' a limitation thereon effective now by extension (L. 1934, ch. 277) until July 1, 1935. With this purpose in view the Legislature enacted section 1083-a of the Civil Practice Act which reads in part as follows:

“ § 1083-a. Limitation upon deficiency judgments during emergency period. No. judgment shall be granted for any residue of the debt remaining unsatisfied as prescribed by the preceding section where the…