Southgate Bank and Trust Co. v. May

NUGENT, Judge.

Defendant Billy J. May appeals from a deficiency judgment in favor of plaintiff Southgate Bank and Trust Company based upon a promissory note and security agreement. The bank sold defendant’s repossessed collateral, a pickup truck. The defendant claims that the bank sold the truck while negotiations for its redemption between the parties’ attorneys were continuing. He argues that the bank did not give him reasonable notice of its intent to sell the collateral and, therefore, the bank is estopped to assert a claim for a deficiency. We agree and reverse.

In 1979, defendant, Charles…