Summary
holding that a sale that returned 30% of the fair market value was not “so inadequate as to shock the court's conscience” and as such would not be vacated
Summary of this case from Miller v. Greenwich Capital Fin. Prods., Inc. (In re Am. Bus. Fin. Servs., Inc.)Opinion
April 7, 1986
Appeal from the Supreme Court, Richmond County (Felig, J.).
Order affirmed, without costs or disbursements.
The defendants contend that the foreclosure sale should have been set aside on the grounds of improper notice and inadequacy of the sale price. Both contentions are without merit.
Since the adjournment of the foreclosure sale was for a period not exceeding four weeks, a single publication of the postponed date sufficed as adequate notice of the foreclosure sale, regardless of the fact the sale was adjourned for a reason other than the failure of the Referee appointed to conduct the sale to appear (see, Guardian Fed. Sav. Loan Assn. v. Horse-Hawk Holding Corp., 72 A.D.2d 737; Southold Sav. Bank v. Gilligan, 76 Misc.2d 30). Furthermore, mere inadequacy of price is insufficient reason to vacate a sale, unless there are additional circumstances that warrant invocation of equity powers (Guardian Loan Co. v. Early, 47 N.Y.2d 515, 521) or unless the price is so inadequate as to shock the court's conscience (Matter of Superintendent of Banks of State of N.Y. [Goldsmith], 207 N.Y. 11; Polish Natl. Alliance v. White Eagle Hall Co., 98 A.D.2d 400). The sale of these premises at 30% of the defendants' uncorroborated opinion as to their fair market value is not so unconscionably low as to warrant vacatur of the sale (see, Polish Natl. Alliance v. White Eagle Hall Co., supra [37%]; Weir v. United States, 339 F.2d 82 [30%]; Magnolia Springs Apts. v. United States, 323 F.2d 726 [34%]). The sale was duly advertised and there is no evidence of any irregularity that would have inhibited the attendance of other prospective bidders. Accordingly, we find no abuse of discretion in Special Term's refusal to vacate the sale. Mollen, P.J., Rubin, Eiber and Kooper, JJ., concur.