White v. Simard

In this case of first impression, we are asked to decide whether parties to a power of sale foreclosure may “contract out” of the common law rule that the defaulting purchaser is entitled to any surplus proceeds of resale. Elizabeth A. White, Nancy P. Regelin, and Patrick M. Martyn, Substitute Trustees (“Trustees”), and Washington Mutual Bank, FA, successor to Home Savings of America, F.S.B. (“Lender”), appellants/cross-appellees, challenge the decision of the Circuit Court for Prince George’s County sustaining the exceptions of David J. Simard, appellee/cross-appellant, to an Auditor’s…