Hudson Valley Bank v. Andrew M. Kissel

Summary

The court affirmed the judgment awarding all foreclosure-sale surplus proceeds to First American. It held that First American’s post-sale, pre-confirmation intervention was timely, that the successor judge properly reconsidered an earlier allocation ruling de novo, and that the first-in-time, first-in-right rule entitled First American to the surplus. The court also clarified that pari passu did not apply to these foreclosure facts.