Bank of Myrtle Point v. Security Bank

This action is for the recovery of money resulting from the foreclosure of a trust deed by “advertisement and sale.” ORS 86.735. Plaintiff holds two mortgages which are subordinate to a trust deed in which defendant Security Bank of Coos County is beneficiary and defendant Stone is the trustee. The central issue is whether defendants are liable to plaintiff for that portion of Security Bank’s bid at the trustee sale which is in excess of the sum secured by the trust deed. On cross-motions for summary judgment, defendants’ motion was granted. Plaintiff appeals. We reverse.

Summary judgment is…