Girard Trust Bank v. Castle Apartments, Inc.

TAYLOR, Judge.

Plaintiff holds the mortgage covering a 347 unit garden apartment complex on' which the mortgage indebtedness exceeds $4,000,000. At the sale of the property under the foreclosure proceeding, the property was sold to plaintiff for $214,996.64. Defendant has moved to set aside the sale on the ground that the sale of the property having a fair market value of $4,000,000 for $214,996 represents gross inadequacy of price which shocks the conscience of the Court.

I

Plaintiff contends that defendant, the mortgagor and owner of the property, has no standing to object to the confirmation…