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The Many Moving Parts of a Foreclosure

In Louis Zazzarino vs. 13-21 East 22nd Street Residence Corp., a shareholder defaulted on a loan made by her bank. The bank held a non-judicial auction of the shares, as was its right under its loan documents, and Zazzarino was the successful bidder. Any final sale, however, was subject to the board’s approval, and the board decided not to approve Zazzarino.

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