MORTGAGES - FORECLOSURE SALE - POSSIBILITY OF SETTING ASIDE SALE BECAUSE OF PROBABLE HIGHER BID

Authors

James W. Mehaffy, University of Michigan Law SchoolFollow

Abstract

A trust deed secured a loan of $85,000. The mortgage was foreclosed, the trustee authorized to bid at the sale, and an upset price of $12,500 fixed. A stranger made a higher bid than the trustee, and the property was sold to him for $40,100. The trustee now seeks a resale, offering evidence to show that the property could bring $50,000 to $60,000 if the trustee bought it, remodeled the building, and had time to find a suitable purchaser. There was no question of a deficiency decree. Held, that the lower court erred in refusing to confirm the original sale. A. J. Straus Paying Agency, Inc. v. Jensen, (Wis. 1938) 277 N. W. 105.

Recommended Citation

James W. Mehaffy, MORTGAGES - FORECLOSURE SALE - POSSIBILITY OF SETTING ASIDE SALE BECAUSE OF PROBABLE HIGHER BID, 36 Mich. L. Rev. 1401 (1938).
Available at: https://repository.law.umich.edu/mlr/vol36/iss8/19