Aaron v. Life Insurance Co.

226 S.E.2d 96, 138 Ga. App. 286, 1976 Ga. App. LEXIS 2137

Opinions

Stolz, Judge.

This case is an appeal from an order confirming the foreclosure sale of real estate.

1. Error is contended on the basis that the superior court applied the standard of "fair market value” of the real estate rather than "true market value” as contained in Code Ann. § 67-1504 (Ga. L. 1935, p. 381). These terms have been used interchangeably by our appellate courts. See Thompson v. Maslia, 127 Ga. App. 758 (195 SE2d 238). Moreover, the two terms were used interchangeably by the appraisers at the confirmation hearing. The trial judge, in his confirmation order, found the property brought its "fair and true market value.”

2. The sole issue in this confirmation proceeding was the valuation of the real estate as of the date of the sale. Consequently, the superior court judge did not err in excluding evidence regarding an escrow deposit of $27,000 made in connection with the origination of the loan to assure the completion of certain work, after which the funds were to be returned to the appellant. This is not to say that such evidence would not be relevant in some subsequent action between the parties.

Argued February 2, 1976 Decided March 10, 1976 Rehearing denied March 31, 1976 Kaler, Karesh & Frankel, Samuel N. Frankel, Ira L. Rachelson, David I. Funk, for appellant. Gambrell, Russell, Killorin & Forbes, Edward W. Killorin, Thomas C. Gilliland, for appellee.

Judgment affirmed.

Bell, C. J., concurs. Clark, J., concurs specially.