53 How. Pr. 336 | N.Y. Sup. Ct. | 1877
On the 28th day of June, 1877, certain premises in Willow street, city of Brooklyn, were, hy order of the court, sold at public auction by the receiver of the Bond Street Savings Bank, through an auctioneer. On such sale, which was fully advertised and largely attended, Edgar ’ McOullen became the purchaser for the sum of $16,500, he
That a court for mere inadequacy of price, unconnected with any other reason or cause, will" not order a resale unless the price obtained be so grossly inadequate as of itself to furnish evidence of fraud, is a doctrine so well settled that citation of authorities to establish it is unnecessary. It is claimed, however, that because by the terms of sale the sale was to be subject to the approval of the court, therefore the general rule does not apply, and that the only question for the court to consider is the interest of the creditors of the bank.
The plain answer to this argument is, that the insertion of. this clause in the terms of sale did not make them different from what they would have been if the clause had been omitted. The sale was in fact subject to confirmation by the court, without an express declaration to that effect. But such approval or refusal to approve is not granted or withheld upon arbitrary rules made for each case, but upon certain well-known principles applicable to all sales, the wisdom of which is proven by experience. If judicial sales are to be of any value in obtaining a fair price for property, they can only be made by giving the public to understand that the exposure of premises thereat means something more than a form and a mode to obtain the views of those who see fit to
An order must be entered confirming the sale and directing the delivery of the deed.