Hayes v. Alaska USA Federal Credit Union

OPINION

Before MATTHEWS, C.J., and RABINO WITZ, BURKE, COMPTON and MOORE, JJ. MOORE, Justice.

This appeal raises two important questions of first impression in this State: The first is whether a court may establish a minimum bid or “upset price” for the sale of real property at a judicial foreclosure sale. The second involves the proper standard governing the establishment of an upset price. This appeal arises out of a judicial foreclosure action brought by Alaska USA Federal Credit Union (Alaska USA) against Joe L. Hayes and several of his partners. Before entry of summary judgment, Hayes…