Trustco Bank, N.A. v. Eakin
Appellate Division of the Supreme Court of New York
681 N.Y.S.2d 410 (1998)
Relevant factsFree
After the Eakins (defendants) defaulted and abandoned their apartment buildings, the appointed receiver requested funds from them to secure the buildings, which they refused, and the buildings remained unsecured until Trustco (plaintiff) bought them at foreclosure for $75,000 and later resold for only $27,500, then sought a deficiency judgment the trial court denied.
IssueFree
Whether a mortgagee that is not in possession has any legal obligation to expend funds to preserve the mortgaged premises.