Stowers v. Branch Banking & Trust Co.

McFadden, Judge.

William Gray Stowers appeals the grant of summary judgment to Branch Banking & Trust Company (“the bank”) in his suit for breach of contract. Stowers argues that the bank’s rescission of a foreclosure sale at which he was the high bidder does not come within the “safe harbor” provision of OCGA § 9-13-172.1. Under that statute, in certain circumstances, when a foreclosing lender rescinds a foreclosure sale, the high bidder’s damages are limited. Although we agree with Stowers that under the law as it currently exists the bank’s reason for rescinding the sale was unsound, we…