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Cooperatives & Condominiums
Holder of Prior Mortgage Not Entitled to Surplus Funds Board of Managers of the Coronado Condominium v. Silva NYLJ 11/25/16 Supreme Ct., N.Y. Cty. (Bluth, J.)
In a condominium's action to foreclose a lien for common charges, purchaser of a first mortgage moved for an order directing the turnover of surplus funds. The court denied the motion, holding that the holder of a prior mortgage is not entitled to surplus funds.
The condominium board brought an action to foreclose its lien for unpaid common charges associated with the subject unit. At the foreclosure sale, the high bid was $490,000, leaving $59,590.52 in surplus money. The foreclosure sale purchaser bought title insurance from Fidelity in connection with its purchase. Fidelity, however, failed to discover a purchase money mortgage in the amount of $141,500. When it later discovered the lien, it purchased the mortgage to satisfy its contractual obligation to the foreclosure sale purchaser. Fidelity then moved in the foreclosure action to an order directing turnover of the surplus funds.
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