Legal Opinion
American Federal Savings & Loan Ass'n of Tacoma v. McCaffrey
Washington Supreme Court
Decided November 13, 1986No. 52565-0PublishedCited by 24 opinions
1Opinion of the CourtDore, J.
This action concerns the rights and obligations of the parties in the process of mortgage foreclosure sales. We hold that the mortgage creditor has exercised the option to accept the sale of the mortgaged property at the upset price by withdrawing the funds paid into the court registry to satisfy the deficiency judgment. This course of conduct precludes the mortgage creditor from demanding resale of the mortgaged property.
Facts
On April 24, 1980, the McCaffreys executed a promissory note in the amount of $625,000 to American Federal Savings and Loan Association in exchange for a loan to…
2Cases cited20 opinions
- National Bank v. Equity InvestorsWashington Supreme Court · 1973
- Suring State Bank v. GieseWisconsin Supreme Court · 1933
- Anderson v. Gold Seal Vineyards, Inc.Washington Supreme Court · 1973
- Ennis v. RingWashington Supreme Court · 1959
- National Bank v. Equity InvestorsWashington Supreme Court · 1976
15 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Schmidt v. Cornerstone Investments, Inc.Washington Supreme Court · 1990
- Grossinger Motorcorp, Inc. v. American National Bank & Trust Co.Appellate Court of Illinois · 1992
- Marine Enterprises, Inc. v. Security Pacific Trading Corp.Court of Appeals of Washington · 1988
- DeYoung v. Cenex Ltd.Court of Appeals of Washington · 2000
- Kevin E. Edmundson, Res. v. Carrington Mortgage Services, Llc, App.Court of Appeals of Washington · 2016
19 more not listed; retrieve them via the Exa API.