Examining Real Estate Online Auction Dispute

New York Real Estate Journal recently published an article written by Olshan Real Estate partner Thomas Kearns entitled “Examining Real Estate Online Auction Dispute.” The article discusses the recent New York State Court of Appeals opinion in Stonehill Capital v. Bank of the West, in which the Court unanimously decided that the bank was contractually required to sell a mortgage to Stonehill after an online auction despite never signing a definitive contract.  Mr. Kearns explains that, “Many lawyers will no doubt focus on the email traffic between the parties but the context of the Stonehill decision is also key–the sale involved an online auction… [auction] decisions hold the seller to a high standard of fairness.“