Lilly v. Terwilliger

James and Deborah Bonnett, defendants and counter-plaintiffs below, appeal the judgment issued by Judge Frank Davis, sitting in the Eighteenth Judicial District, Gallatin County. The District Court held that plaintiff and counter-defendant Walen “Bud” Lilly’s sale of repossessed property was commercially reasonable and Lilly was entitled to a deficiency judgment, but, because Lilly’s notice of the sale to the Bonnetts did not comply with the strict requirements of foreclosure on collateral statutes, the District Court effected an adjustment by way of set off as to the deficiency judgment. We…