Marett Properties, L. P. v. Centerbank Mortgage Co.

Johnson, Judge.

In December 1988 Marett Properties, L. P. et al. (Marett) executed a security deed in favor of Centerbank Mortgage Company (Centerbank) conveying an interest in 26 residential lots as security for a loan of $777,000. Marett defaulted on the note. Centerbank then gave notice of default and intent to foreclose and properly advertised the pending sale of the property. Pursuant to the power contained in the security deed, Centerbank conducted the foreclosure sale of real property on March 6, 1990. Centerbank submitted the only bid, of $700,000. Centerbank sought confirmation of the…