Federal Deposit Insurance v. Burdell

The issue in this case is whether ORS 86.770(3) entitles a commercial trust deed beneficiary to a deficiency judgment after a judicial foreclosure sale, even though the trust deed secured the unpaid balance of the purchase price of the real property. After defendants defaulted on a 1983 promissory note held by plaintiff, plaintiff brought this action seeking judgment on the note, judicial foreclosure of the commercial purchase money trust deed securing the note and a deficiency judgment. The trial court granted plaintiff s motion for summary judgment. Defendants appealed the trial court’s…