Plaintiff Woodmont Properties, LLC, contracted to purchase a tract of land from non-party Hovbros Burlington LLC. Defendant TD Bank, N.A., which held mortgages on the property, foreclosed and was the highest bidder at a sheriff’s sale. Plaintiff sued Defendants under various theories. The trial court held that Plaintiff did not have a continuing interest in the property because of the foreclosure sale, which cut off any further right Plaintiff claimed to have to purchase the property. The Appellate Division affirmed. In so holding, the Court rejected “the reported trial court decision in PNC Bank v. Axelsson, 373 N.J. Super. 186 (Ch. Div. 2004). The Appellate Division also ruled that Plaintiff’s tortious interference claim against TD Bank was viable, despite the Court’s holding that Plaintiff did not have a continuing interest in the property.
