Opinion
May 11, 1999
Appeal from the Supreme Court, Bronx County (Gerald Esposito, J.).
The Referee properly applied the subject insurance proceeds against the balance due on the mortgage. Plaintiff mortgagee's successful bid at the foreclosure sale was for less than the balance due on the mortgage and did not terminate plaintiff's insurable, interest (see, Whitestone Sav. Loan Assn. v. Allstate Ins. Co., 28 N.Y.2d 332, 334-335), and the insurance proceeds, although tendered prior to the sale, were insufficient to satisfy the mortgage (cf., New York Guardian Mortgagee Corp. v. Williams, 230 A.D.2d 663).
Concur — Sullivan, J. P., Williams, Wallach, Rubin and Mazzarelli, JJ.