SBAGK Prevails in M&Q Estates Corp. vs. BoNY; Mortgage Valued at nearly $750,000 Extinguished; Counterclaim for Carrying Costs Dismissed.
KEW GARDENS, NY (October 29, 2018) - Once again, Shiryak, Bowman, Anderson, Gill & Kadochnikov LLP has prevailed on behalf of its client. In M&Q Estates Corp. vs. The Bank of NY (BoNY), et al, Kings Supreme Index # 504314/2017, a mortgage valued at nearly $750,000 was deemed void and extinguished as a matter of law. In obtaining summary judgment, Managing Partner Mark Anderson, Associate Matthew Routh and the rest of the SBAGK team prevailed at dismissing all of the Defendant-Bank’s fourteen affirmative defenses and counterclaim for unjust enrichment.
“The case was contentious right out of the gates,” said Mark Anderson. “The Defendant tried to make this case as expensive and as time consuming as possible but we didn’t back down. Our adversary was a bank; someone with nearly unlimited resources. Fortunately, we were patient and had the law on our side. We are geared for the fight.”
The case involved a mortgage that was issued in 2008. After the original borrower defaulted, a foreclosure action was commenced that accelerated all the payments and started the accrual of the statute of limitations for the mortgage. On September 12, 2013, the foreclosure action was dismissed. Thereafter, the bank failed to file a new foreclosure action within the six year statute of limitations period.
Then Shiryak, Bowman, Anderson, Gill & Kadochnikov LLP stepped in.
After the statute of limitations expired, at the advice of SBAGK, the new owner of the property, immediately commenced an action to quiet title to the subject premises pursuant to RPAPl 1501. In response the Defendant, Bank of New York, alleged that the statute of limitations had been tolled for a number of different reasons. After the Defendant’s motion to dismiss had been denied and the matter was fully pleaded, Shiryak, Bowman, Anderson, Gill & Kadochnikov LLP immediately filed a detailed motion for summary judgment within a week.
“We have been doing these quiet title actions for years now. When you’re dealing with banks and extinguishing mortgages, always attack. That’s what they would do. After their motion to dismiss was denied, we immediately counterattacked. If they are not interested in a reasonable settlement, push forward. That’s the kind of aggressive representation we give to our clients. In the end, our client was victorious. I’m very proud of all involved.”
The Defendant’s claims for unjust enrichment were also denied. Court agreed with SBAGK’s arguments and ruled that the ongoing carrying costs that were paid by the bank were unrecoverable due to the Voluntary Payment Doctrine. The Court ruled that the Defendant gambled and lost.
SBAGK LLP fought diligently for over a year to secure this victory, advocating for its client the way the firm always does: with passion, personal attention, and guidance unlike any other large firm in the New York area. SBAGK LLP’s attorneys are a team always prepared to combine their talents and expertise to get their clients the best results.
For a full copy of the decision, please click here.