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PARTY IS DEEMED TO HAVE READ A SIGNED DOCUMENT, JUDGMENT OF FORECLOSURE ON THIS CONSTRUCTION MORTGAGE PROPERLY GRANTED, BANKING LAW REQUIREMENTS DO NOT APPLY TO CONSTRUCTION MORTGAGE (SECOND DEPT).

The Second Department determined the judgment of foreclosure and sale was properly granted. Defendant claimed he was tricked into signing the construction mortgage. The Second Department noted that a construction mortgage is not subject to the requirements of Banking Law §§ 6-l and 590. And the Second Department held that a party is deemed to have read a signed document:

 

“A party who executes a contract is presumed to know its contents and to assent to them”… .Thus, “[a] party who signs a document without any valid excuse for having failed to read it is conclusively bound by its terms” … , “unless there is a showing of fraud, duress, or some other wrongful act on the part of any party to the contract” … . “The elements of a cause of action sounding in fraud are a material misrepresentation of an existing fact, made with knowledge of the falsity, an intent to induce reliance thereon, justifiable reliance upon the misrepresentation, and damages” … . Here, the defendant failed to establish the element of justifiable reliance on alleged misrepresentations … , since the documents were provided to him, and he and his attorney could have read them. Nor has the defendant established any other valid excuse for his purported failure to read the construction mortgage and related documents before signing them. Prompt Mtge. Providers of N. Am., LLC v Zarour, 2017 NY Slip Op 08028, Second Dept 11-15-17

 

FORECLOSURE (PARTY IS DEEMED TO HAVE READ A SIGNED DOCUMENT, JUDGMENT OF FORECLOSURE ON THIS CONSTRUCTION MORTGAGE PROPERLY GRANTED (SECOND DEPT))/CONSTRUCTION MORTGAGES (FORECLOSURE, BANKING LAW REQUIREMENTS DO NOT APPLY (SECOND DEPT))/BANKING LAW (FORECLOSURE, BANKING LAW REQUIREMENTS DO NOT APPLY (SECOND DEPT))/CONTRACT LAW (FORECLOSURE, PARTY IS DEEMED TO HAVE READ A SIGNED DOCUMENT, JUDGMENT OF FORECLOSURE ON THIS CONSTRUCTION MORTGAGE PROPERLY GRANTED (SECOND DEPT))/MORTGAGES (CONSTRUCTION MORTGAGES, FORECLOSURE, BANKING LAW REQUIREMENTS DO NOT APPLY TO CONSTRUCTION MORTGAGE (SECOND DEPT))

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