First State Bank v. Reed

This was a suit to recover a deficiency judgment for the balance due on a promissory note after the collateral securing the debt had been sold and the proceeds applied to the debt. The trial court found that the notice of private sale given by the plaintiff bank to the defendants was insufficient because it “fails to apprise the Defendants that a personal deficiency judgment might be sought against them, and that the Plaintiff failed to give notice for each sale when the collateral at issue was sold in two separate private sales,” and dismissed the action. The plaintiff has appealed.

The…