City Bank Farmers Trust Co. v. Combined Real Estate Interests

The plaintiff in foreclosure applies for a deficiency judgment pursuant to section 1083-a of the Civil Practice Act. The principal of the mortgage was $650,000. The plaintiff was the only, bidder at the foreclosure sale and purchased the mortgaged premises for $625,000. The plaintiff’s expert now appraises the value of the property at the time of the sale at $540,000. Accordingly, a judgment is now sought for the deficiency of $85,000, plus taxes and expenses of the sale.

This motion exhibits one of the perplexities wrought by chapter 794 of the Laws of 1933. The perplexity ensues, not from…