Central Financial Services, Inc. v. Spears

425 So.2d 403 (Miss. 1983)

Purchase the Printed Copy at bsmsphd.com

Nature of the Case

To access this section all you need to do is click here and register.

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.