Smith v. Great Southern Federal Savings Bank

Deen, Presiding Judge.

This appeal is from the trial court’s confirmation of the appellee bank’s foreclosure sale of certain property on which it held a deed to secure debt. On November 1, 1983, Richard Smith III borrowed $225,000 from the appellee, and secured the indebtedness with three parcels of property. The deed to secure debt contained a power of sale authorizing sale of the property to pay the indebtedness upon default. It was discovered after execution of the security instrument that Smith’s daughter actually owned a one-quarter interest in the third parcel and that Smith had no…