Central Financial Services, Inc. v. Spear

425 So.2d 403 (Miss. 1983)

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Nature of the Case

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Facts

Spears (P) borrowed $1250 from Central (D) and executed a promissory note and a deed of trust to secure the debt. The total amount secured was $1,797.30. Payment on the note fell in arrears and D advertised the property for sale but stopped when P paid the amount in arrears and costs. The note again went in arrears, the sale was advertised under Mississippi Code, and the sale produced a bid by D of $1,458.86, the total amount of indebtedness, and costs. There were no other bidders. P was notified that he would have to vacate. P protested and offered to pay the arrears and stated that he was not even aware of the sale. Twelve days after the sale, D sold the property to Joe Stewart and Earl Aycock for $4,000. They, in turn, sold the property to Henderson for $6,500 four months later. Henderson made improvements on the property. P sued D and everyone else involved in the sale and subsequent sales. D demurred, it was sustained, and P appealed. The case was reversed and remanded for trial because of grossly inadequate consideration. That trial produced a verdict against D for the market value less the sales price and D appealed.