Security Trust Co. v. Thomas
Appellate Division of the Supreme Court of the State of New York
1Opinion of the CourtWitmer, J.
This appeal requires us to determine whether a secured lender who repossesses the security from the defaulting debtor and sells it at public or private sale may recover a deficiency judgment against the debtor without proving that its notice to the debtor of the sale was reasonable and that the sale was conducted in a commercially reasonable manner. We hold that it cannot; that questions of fact were presented on the pleadings herein at Special Term; and that Special Term erred in granting the plaintiff lender’s motion for summary judgment for the amount of the alleged deficiency on its loan…
2Cases cited12 opinions
- Universal C. I. T. Credit Co. v. RoneSupreme Court of Arkansas · 1970
- In Re Zsa Zsa LimitedDistrict Court, S.D. New York · 1972
- Mallicoat v. Volunteer Finance & Loan Corp.Court of Appeals of Tennessee · 1966
- Weaver v. O'Meara Motor CompanyAlaska Supreme Court · 1969
- Central Budget Corp. v. GarrettAppellate Division of the Supreme Court of the State of New York · 1975
7 more not listed; retrieve them via the Exa API.
3Cited by39 opinions
- S. M. Flickinger Co. v. 18 Genesee Corp.Appellate Division of the Supreme Court of the State of New York · 1979
- First Galesburg National Bank & Trust Co. v. JoannidesIllinois Supreme Court · 1984
- Banker's Trust Co. v. SteenburnNew York Supreme Court · 1978
- In the Matter of Excello Press, Inc., Debtor. Appeal of Metlife Capital Credit CorporationCourt of Appeals for the Seventh Circuit · 1989
- Credit Alliance Corp. v. David O. Crump Sand & Fill Co.District Court, S.D. New York · 1979
34 more not listed; retrieve them via the Exa API.