Fayette County National Bank, Plaintiff Below, Appellee v. Gary C. Lilly, Defendants Below, Appellants (West Virginia 1997)

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.

Holding

Adequacy of the circuit court's summary judgment order.. Although the standard of review for summary judgment remains de novo, a circuit court's order granting summary judgment must set out factual findings sufficient to permit meaningful appellate review; findings of fact include those facts the circuit court finds relevant, determinative of the issues and undisputed, and the order must provide clear notice to all parties and the reviewing court as to the rationale applied in granting or denying summary judgment.

Whether the fair market value of foreclosed real property may be litigated as a defense in a deficiency judgment proceeding.. 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.

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

Summary

Holding

Cited authorities

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