Bank of Myrtle Point v. Security Bank

This case is before us a second time. Plaintiff brought an action to recover money resulting from the foreclosure of a trust deed by “advertisement and sale.” ORS 86.735; ORS 86.770. It holds two mortgages that are subordinate to a trust deed of which defendant Security Bank of Coos County (“Security Bank”) is the beneficiary and defendant Stone is the trustee. The principal issue is whether, as the trial court held, defendants are liable to plaintiff for a portion of Security Bank’s bid at the trustee’s sale. The court granted plaintiffs motion for summary judgment. We affirm.

In Bank of…