Emigrant Bank v. Drimmer [& Sternberg]
New York Supreme Court, Appellate Division
171 A.D.3d 1132, 99 N.Y.S.3d 79 (2019)
Levi Drimmer (defendant) purchased real property, which was financed by a mortgage held by Emigrant Mortgage Company, Incorporated (Emigrant). Emigrant was the predecessor-in-interest to Emigrant Bank (plaintiff). In 2002, before Emigrant’s interest in the mortgage was recorded, Drimmer sold the property to Yosef Sternberg (defendant). Sternberg’s title report did not show Emigrant’s mortgage. After Drimmer’s sale to Sternberg, Drimmer continued to make monthly payments on the mortgage. These payments made by Drimmer included real estate tax payments escrowed by Emigrant (meaning Emigrant held money in escrow used for tax payments, and the payments were recorded in the tax records as being made by Emigrant). After Emigrant learned of Drimmer’s sale to Sternberg, Emigrant accelerated the loan, demanded payment of the full balance, and stopped accepting monthly payments. After taking over Emigrant’s interest in the mortgage, Emigrant Bank sued Drimmer and Sternberg to foreclose the mortgage. Sternberg moved for summary judgment, which was granted. The trial court found that Sternberg was a good-faither purchaser for value, so he had taken the property free of Emigrant’s mortgage. Emigrant Bank appealed.
Rule of Law
Holding and Reasoning (Per curiam)
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