Smith v. Credico Industrial Loan Co.

234 Va. 514 (1987)

362 S.E.2d 735

4 VLR 1374

FOREST R. SMITH

v.

CREDICO INDUSTRIAL LOAN COMPANY, ET AL.

Record No. 841185

Supreme Court of Virginia

November 25, 1987

John S. Edwards (Martin, Hopkins, Lemon and Carter, P.C., on briefs), for appellant.

Michael A. Glasser (Christopher A. Corbett; Glasser and Glasser; Tompkins, Turner & Corbett, on brief), for appellees.

Present: All the Justices

Judgment upholding a purchase at foreclosure is reversed because a substitute trustee under a deed of trust, even one who does not act as trustee at a foreclosure sale, cannot bid on the subject property on behalf…