Fayette County National Bank, Plaintiff Below, Appellee v. Gary C. Lilly, Defendants Below, Appellants

Summary

The Supreme Court of Appeals of West Virginia affirmed summary judgment for Fayette County National Bank in a deficiency judgment action arising from a trustee's foreclosure sale of the Lillys' 68 lots for $26,500 against a debt of $33,850.93. Holding the question one of first impression, the court ruled that a grantor may not assert, as a defense in a deficiency judgment proceeding, that the fair market value of real property was not obtained at a foreclosure sale, because the state's long-standing trustee foreclosure scheme carries a conclusive presumption of fair market value and any change is for the legislature. The court also announced that a circuit court's order granting summary judgment must set out factual findings sufficient to permit meaningful appellate review, but declined to remand for adequate findings because the disposition turned on the dispositive legal issue.