Hoyt v. . Martense.

Summary

The New York Court of Appeals reversed the Supreme Court's judgment, holding that the equity of redemption belonging to the assignor survives the foreclosure and that the assignee, having purchased the foreclosed lots, must account for any surplus and may not retain the property for his own benefit. The Court relied on the equitable rule prohibiting a fiduciary from speculating on trust property and followed the precedent set in Slee v. Manhattan Company.