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On June 6, 2019, the Appellate Division, First Department issued an important decision in Atlas MF Mezzanine Borrower v. Macquarie Texas Loan Holder LLC, 2019 N.Y. App. LEXIS 4484 (1st Dept. 2019), that will reassure the real estate lending community of the finality of foreclosure sales pursuant to the Uniform Commercial Code (UCC). In Atlas MF, the court addressed the ability of a borrower to unwind a closed foreclosure sale conducted pursuant to the UCC. The First Department reversed the Supreme Court’s decision and dismissed Atlas MF’s declaratory judgment claiming that a closed UCC foreclosure sale was invalid due to purported collusion between the lender and successful bidder, because that remedy was not provided in the UCC. Atlas MF, 2019 N.Y. App. LEXIS 4484, at *20-21.

 

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