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PROVIDENT SAVINGS BANK, F.A., Respondent, v. Frantz BORDES, et al., Appellants.
In an action to foreclose a mortgage, the defendants appeal from an order of the Supreme Court, Rockland County (Sherwood, J.), dated January 13, 1997, which denied their motion to vacate and set aside the foreclosure sale.
ORDERED that the order is affirmed, with costs.
It is well settled that a court, in the exercise of its equitable powers, has the discretion to set aside a judicial sale where fraud, collusion, mistake, or misconduct casts suspicion on the fairness of the sale (see, Guardian Loan Co. v. Early, 47 N.Y.2d 515, 521, 419 N.Y.S.2d 56, 392 N.E.2d 1240; Bankers Fed. Sav. & Loan Assn. v. House, 182 A.D.2d 602, 581 N.Y.S.2d 858; Harbert Offset Corp. v. Bowery Sav. Bank, 174 A.D.2d 650, 571 N.Y.S.2d 507). We find that no such acts occurred here justifying interference with this sale. It is equally well established that in the absence of that type of conduct, the mere inadequacy of the price alone is an insufficient reason to vacate an otherwise fair judicial sale, unless the price is so inadequate as to shock the conscience of the court (see, Harbert Offset Corp. v. Bowery Sav. Bank, supra, at 650, 571 N.Y.S.2d 507; Glenville & 110 Corp. v. Tortora, 137 A.D.2d 654, 524 N.Y.S.2d 747). The sale price here which was equivalent to the mortgage balance plus sale expenses (see generally, Polish Nat. Alliance of Brooklyn v. White Eagle Hall Co., 98 A.D.2d 400, 407-408, 470 N.Y.S.2d 642), was over 50% of the defendants' appraised value of the property, and was not so unconscionably low so as to warrant vacatur of the sale.
MEMORANDUM BY THE COURT.
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Decided: November 17, 1997
Court: Supreme Court, Appellate Division, Second Department, New York.
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