Greenbank v. Sterling Ventures, L.L.C., et al.

After the property at issue was sold at a foreclosure sale, Appellee Bank filed the instant action seeking a deficiency judgment against Appellants. The Bank subsequently moved for summary judgment on the basis of the statutory presumption that the foreclosure sale price was the fair market value of the property at the time of purchase. Tenn. Code Ann. §35-5118(b). Appellants objected, asserting that, because the foreclosure sale price was less than the appraised value of the property, the sale was commercially unreasonable. The trial court granted the Bank’s motion, finding that Appellants failed to meet their burden to show, by a preponderance of the evidence, that the foreclosure sale price was “materially less” than the fair market value of the property at the time of foreclosure. Tenn. Code Ann. §35-5118(c). Discerning no error, we affirm.