Sinclair Marketing, Inc. v. Marx

MILLER, Justice (on reassignment).

This is an appeal from an amended judgment of foreclosure and deficiency. We reverse, holding that the trial court did not properly require the mortgagee (a junior lienholder) to bid the fair market value of the mortgaged property at the foreclosure sale.

Facts

Even though the factual and procedural scenario is somewhat detailed and complicated, it need not be totally recited here because of the limited issues addressed in this decision.

Robert B. Marx (Marx) is the owner and sole shareholder of South Dakota Farmers Oil Company of Britton, South Dakota…