JPMorgan Chase Bank v. Specialty Restaurants, Inc.

WATT, J.;

T1 We granted certiorari to address a single issue: whether, after foreclosure, the guarantors 1 were entitled to credit on the mortgagee's judgment for the fair and reasonable market value of the property 2 disposed of at sheriff's sale 3 We determine that the guarantors effectively waived the right to a credit or setoff of the fair and reasonable market value of the property. Our determination is supported by the plain, clear, unmistakable, unambiguous, and unequivocal language of the respective guaranty agreements which is sufficient to waive the right of a fair market value…