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Basiliko v. Pargo Corporation
District of Columbia Court of Appeals
532 A.2d 1346 (1987)
Montgomery Federal Savings & Loan Association planned to foreclose on property it held a mortgage on. However, five minutes before the bank closed on the day before the sale, the borrower cured the loan delinquency. This payment did not come to the attention of Montgomery Federal’s agents, who held a foreclosure sale anyway. Basiliko (defendant) was the successful bidder at the sale. Two days later, Basiliko contracted to sell the land to Pargo Corporation (plaintiff). On the day scheduled for settlement on the foreclosure sale, Montgomery Federal’s agents refused to convey the property to Basiliko because they had been without authority to hold the sale due to the borrower’s payment. When Basiliko failed to deliver the property to Pargo, Pargo sued. Basiliko then crossclaimed for damages from Montgomery Federal and its agents due to the breach of the sales contract. The trial court dismissed Basiliko’s crossclaim, and Basiliko appealed.
Rule of Law
Holding and Reasoning (Newman, J.)
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