Sullivan v. Federal Deposit Insurance Corp.

District Court of Appeal of Florida

Sullivan v. Federal Deposit Insurance Corp.

634 So. 2d 794, 1994 Fla. App. LEXIS 3255, 1994 WL 112154

CourtDistrict Court of Appeal of Florida

DecidedApril 5, 1994

DocketNo. 93-1923

StatusPublished

This text of 634 So. 2d 794 (Sullivan v. Federal Deposit Insurance Corp.) is published on Counsel Stack Legal Research, covering District Court of Appeal of Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Sullivan v. Federal Deposit Insurance Corp., 634 So. 2d 794, 1994 Fla. App. LEXIS 3255, 1994 WL 112154 (Fla. Ct. App. 1994).

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Opinion

PER CURIAM.

William and Mary Sullivan appeal from a final judgment awarding the FDIC a deficiency following a foreclosure. We reverse the deficiency judgment and remand for a full evidentiary hearing on the issue of the fair market value of the property.¹ At the hearing, once the FDIC introduces evidence of the foreclosure sale price, “the defendant has the burden of going forward and presenting such evidence as he shall find proper concerning the fair market value of the property. In the absence of such evidence, the trial court has the power to act upon the assumption that the sale price reflects the fair market value.” Fara Mfg. Co. v. First Federal Sav. & Loan Ass’n, 366 So.2d 164 (Fla. 3d DCA 1979).

REVERSED AND REMANDED.

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PER CURIAM.

William and Mary Sullivan appeal from a final judgment awarding the FDIC a deficiency following a foreclosure. We reverse the deficiency judgment and remand for a full evidentiary hearing on the issue of the fair market value of the property.¹ At the hearing, once the FDIC introduces evidence of the foreclosure sale price, “the defendant has the burden of going forward and presenting such evidence as he shall find proper concerning the fair market value of the property. In the absence of such evidence, the trial court has the power to act upon the assumption that the sale price reflects the fair market value.” Fara Mfg. Co. v. First Federal Sav. & Loan Ass’n, 366 So.2d 164 (Fla. 3d DCA 1979).

REVERSED AND REMANDED.

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634 So. 2d 794, 1994 Fla. App. LEXIS 3255, 1994 WL 112154, Counsel Stack Legal Research, https://law.counselstack.com/opinion/sullivan-v-federal-deposit-insurance-corp-fladistctapp-1994.

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