Vermont National Bank v. Leninski

Following a strict foreclosure, plaintiff Vermont National Bank filed an action against defendants Steven and Patricia Leninski to recover an alleged deficiency between the mortgage debt and the value of the property as measured by its sale price at public auction. Relying upon an appraisal commissioned by the bank rather than the sale price, the superior court determined that the fair market value of the property exceeded the debt and therefore no deficiency was owing. The bank appeals, contending the trial court erred by declining to treat the sale price as conclusive evidence of fair…