Bankers Trust of SC v. Bruce

This appeal is from an order modifying and confirming the appraisers’ return in an action by respondent Bankers Trust for a deficiency judgment against appellants Bruce and Jones. We reverse.

In February, 1974, appellants executed a $750,000 promissory note to respondent secured by a mortgage on two tracts of unimprovel realty. Appellants defaulted, respondent foreclosed and was high bidder at the foreclosure sale. There being no upset bids within the statutory period, respondent purchased the property for $408,157. A $448,017.75 deficiency judgment was then entered against appellants.

Appellant…