50 East 78, L.P. v. Paneth

Full title: 50 EAST 78, L.P., Respondent, v. SAMUEL PANETH et al., Appellants

Court: Appellate Division of the Supreme Court of New York, First Department

Date published: Feb 5, 1998

247 A.D.2d 222 (N.Y. App. Div. 1998)

668 N.Y.S.2d 358

Opinion

Decided February 5, 1998

Appeal from the Supreme Court, New York County (Leland DeGrasse, J.).

We perceive no reasons in equity for departing from the well settled rule that junior mortgagees who were not joined in the foreclosure of a senior mortgage, and who desire to exercise their right to redemption, must pay not merely the amount bid at the auction but the amount due on the mortgage (see, 78 N.Y. Jur 2d, Mortgages and Deeds of Trust, § 400, citing, inter alia, Benedict v. Gilman, 4 Paige Ch 58; Quaremba v. Nassau Suffolk Lbr. Supply Corp., 21 Misc.2d 645, 647).

Concur — Milonas, J. P., Rosenberger, Ellerin and Tom, JJ.