Adams v. Gwinnett Commercial Bank

Supreme Court of Georgia

Adams v. Gwinnett Commercial Bank

235 S.E.2d 476, 238 Ga. 722, 1977 Ga. LEXIS 1180

Supreme Court of Georgia·Decided April 6, 1977·No. 31885·Published·Cited by 14 cases

Opinion

Jordan, Justice.

This case involves proceedings brought for the confirmation of a sale of realty under the powers contained in a deed to secure debt. Code Ann. § 67-1503 (Ga. L. 1935, p. 381) requires such confirmation before a deficiency judgment may be obtained against a debt- or.

The Court of Appeals affirmed the judgment of the trial court which found that the creditor had not proved by a preponderance of the evidence that it sold the property for its fair market value; but that it had acted in good faith by having the property appraised before the sale; and concluded that while confirmation should be denied, a resale was authorized. Adams v. Gwinnett Commercial Bank, 140 Ga. App. 233 (230 SE2d 324) (1976). The Court *723 of Appeals equated the authority of the trial judge in Code Ann. § 67-1505 to order a resale of the property "for good cause shown” with the right to exercise a legal discretion. We granted certiorari.

Argued March 14, 1977 — Decided April 6, 1977 Rehearing denied May 11, 1977. Webb, Fowler & Tanner, William G. Tanner, William W. Cowan, for appellants. G. Hughel Harrison, Thomas J. Anderson, for appellee.

After further consideration of the case we find that the Court of Appeals correctly decided the questions made.

Judgment affirmed.

Nichols, C. J., Undercofler, P. J., Ingram and Hill, JJ., concur. Hall, J., concurs in the judgment only. Bowles, J., not participating.

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Jordan, Justice.

This case involves proceedings brought for the confirmation of a sale of realty under the powers contained in a deed to secure debt. Code Ann. § 67-1503 (Ga. L. 1935, p. 381) requires such confirmation before a deficiency judgment may be obtained against a debt- or.

The Court of Appeals affirmed the judgment of the trial court which found that the creditor had not proved by a preponderance of the evidence that it sold the property for its fair market value; but that it had acted in good faith by having the property appraised before the sale; and concluded that while confirmation should be denied, a resale was authorized. Adams v. Gwinnett Commercial Bank, 140 Ga. App. 233 (230 SE2d 324) (1976). The Court *723 of Appeals equated the authority of the trial judge in Code Ann. § 67-1505 to order a resale of the property "for good cause shown” with the right to exercise a legal discretion. We granted certiorari.

Argued March 14, 1977 — Decided April 6, 1977 Rehearing denied May 11, 1977. Webb, Fowler & Tanner, William G. Tanner, William W. Cowan, for appellants. G. Hughel Harrison, Thomas J. Anderson, for appellee.

After further consideration of the case we find that the Court of Appeals correctly decided the questions made.

Judgment affirmed.

Nichols, C. J., Undercofler, P. J., Ingram and Hill, JJ., concur. Hall, J., concurs in the judgment only. Bowles, J., not participating.

Adams v. Gwinnett Commercial Bank, 235 S.E.2d 476, 238 Ga. 722, 1977 Ga. LEXIS 1180 (Ga. 1977).

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Kyle R. Weems, Trustee in Bankruptcy for Hamilton Mortgage Corporation, and the Federal Deposit Insurance Corporation, Liquidator for the Hamilton National Bank of Chattanooga v. Walter J. McCloud Ii, Walter J. McCloud Ii, and Charles S. Wilder, Jr., Kyle R. Weems, Trustee in Bankruptcy for Hamilton Mortgage Corporation, and the Federal Deposit Insurance Corporation, Liquidator for the Hamilton National Bank of Chattanooga, Cross-Appellants v. Walter J. McCloud Ii, Walter J. McCloud Ii, and Charles S. Wilder, Jr., Cross-Appellees

619 F.2d 1081 (Fifth Circuit, 1980)

Homes of Tomorrow, Inc. v. Federal Deposit Insurance

254 S.E.2d 475 (Court of Appeals of Georgia, 1979)

Britt v. Gwinnett Commercial Bank

253 S.E.2d 862 (Court of Appeals of Georgia, 1979)

Five Dee Ranch Corp. v. Federal Land Bank

252 S.E.2d 662 (Court of Appeals of Georgia, 1979)

Fleming v. Federal Land Bank

241 S.E.2d 271 (Court of Appeals of Georgia, 1977)

Federal Deposit Insurance v. Ivey-Matherly Construction Co.

241 S.E.2d 264 (Court of Appeals of Georgia, 1977)

Opinion

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