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Trustco Bank, N.A. v. Eakin

Appellate Division of the Supreme Court of New York
681 N.Y.S.2d 410 (1998)


Facts

Robert and Christine Eakin (defendants) owned two connected apartment buildings, subject to a $157,000 mortgage held by Trustco Bank, National Association (Trustco) (plaintiff). The Eakins defaulted on the mortgage and Trustco initiated a foreclosure action. The New York Supreme Court appointed a receiver, but there were no tenants from whom to collect rent and the Eakins had abandoned the building. The receiver requested money from the Eakins to secure the buildings, but the Eakins refused. The buildings remained abandoned, unsupervised, and unsecured. Trustco purchased the buildings at the foreclosure sale for $75,000. Trustco later sold the buildings to a third party for $27,500. Trustco filed for a deficiency judgment. The trial court denied Trustco’s request.

Rule of Law

Issue

Holding and Reasoning (Carpinello, J.)

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