Stripling v. Farmers & Merchants Bank

Beasley, Judge.

Stripling executed two promissory notes to the Farmers and Merchants Bank, which also held deeds to real estate given as security for the notes. When payments became delinquent, on February 7, 1984, the bank conducted a foreclosure sale of the secured property, bringing $39,000. Since this sum was insufficient to cover the debt, within 30 days the bank sought confirmation of the sale, which was accomplished. Then the bank filed a complaint seeking a deficiency judgment against the borrower. No responsive pleadings were filed and a default judgment in the amount of $15,185.59…