Danvers Savings Bank v. Hammer

On February 9, 1970, Richard Hammer borrowed $7,000 from the Danvers Savings Bank and executed a promissory note in favor of the bank. The note was secured by land in Box-ford, Massachusetts. After the defendant defaulted, the bank fore closed on his property. No potential buyers attended the foreclosure sale except bank representatives. They purchased the defendant’s real estate for $100, and later resold it for $2,025. The bank sought a $10,040.02 deficiency judgment against Hammer, consisting of the sum of the $7,000 principal due under the note, $1,523.55 in accrued interest, $1,237.88 in…