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Guardian Loan Co. v. Early
Court of Appeals of New York
392 N.E.2d 1240 (1979)
Guardian Loan Co. (Guardian) obtained a money judgment in the state of New York against the Earlys for $1,268.93. When the Earlys failed to satisfy the judgment, Guardian commenced proceedings for an execution sale of their residence. The proceedings fully complied with required legal procedures. On August 1, 1977, the property was sold to Berlin for $3,020. Two days later, sale proceeds were distributed to judgment creditors and the deed was delivered to Berlin. The Earlys petitioned a New York court to set aside the sale. While the amount of their equity in the property was disputed, the sales price to Berlin was clearly less than the extent of such equity. Applying N.Y. C.P.L.R. 5240, the trial court set aside the sale; the Appellate Division affirmed. Berlin appealed.
Rule of Law
Holding and Reasoning (Cooke, C.J.)
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