American Exch. Bank v. Topp

Summary

The Nebraska Supreme Court reversed summary judgment for American Exchange Bank and remanded for further proceedings in a deficiency action against guarantors whose obligations were secured by trust deeds. The court held that the antideficiency statute applied, that the guarantors' contractual waiver of its protections was unenforceable as contrary to public policy, and that evidence concerning assessed values and prior appraisals created a genuine issue regarding fair market value. The court therefore concluded that the guarantors were entitled to credit for the properties' fair market values at the trustee sales.