Spencer v. Southtrust Bank

Judge John W. Sognier.

Appellee-plaintiff made a loan to appellant-defendant which was evidenced by a promissory note. A written guaranty of appellant’s note was executed by Goulding Place Developers, Inc. (Goulding) and, as security for its guaranty, Goulding gave a security deed to its real property. Thereafter, appellant defaulted on his note and Goulding defaulted on its guaranty. Pursuant to the power of sale in the security deed, appellee foreclosed on Goulding’s property. The proceeds from the foreclosure sale were not sufficient to cover the entire unpaid balance due on appellant’s…