Irving Savings Institution v. Robinson
New York Supreme Court
Motion by the heirs and devisees of owner of the fee, subject to a mortgage, to set aside judicial sale under foreclosure of said mortgage.
1Opinion of the CourtMcAdam, J.
Property at an auction sale must be sold to the highest bidder (Code C. P., § 1678), which means the highest responsible bidder, one ready as well as able to carry out the terms of sale and to pay down the ten per cent, deposit required. “ The whole theory of an auction sale proceeds upon the ground that the highest responsible, bona 'fide bidder is entitled to the goods. Otherwise an auction is a farce. * * * Doubtless the auctioneer must have the right, for his own protection, to reject the bids of an irresponsible party.” Benj. Sales (6th Am. ed.) by Bennett, 454; 1 Am. & Eng. Ency. of Law…
2Cases cited9 opinions
- Barhite v. Home Telephone Co.Appellate Division of the Supreme Court of the State of New York · 1900
- Strong v. . Brooklyn Cross-Town R.R. Co.New York Court of Appeals · 1883
- Gray v. VeirsCourt of Appeals of Maryland · 1870
- Lansing v. M'PhersonNew York Court of Chancery · 1818
- Minthorne v. TompkinsNew York Court of Chancery · 1830
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3Cited by1 opinion
- Alben Affiliates v. Astoria Terminal, Inc.New York Supreme Court · 1962