Central Financial Services, Inc. v. Spears
Supreme Court of Mississippi
425 So. 2d 403 (Miss. 1983)
Relevant factsFree
Central Financial Services (CFS, defendant) foreclosed on Spears's (plaintiff) property, was the sole bidder at $1,458.86, and resold the property just twelve days later for $4,000, netting roughly $2,500 profit almost immediately, even though the chancery court found the property's fair market value was $6,000; Spears sued to set aside the foreclosure sale, and after prior proceedings the chancery court ultimately ruled for Spears, and CFS appealed.
IssueFree
Whether a foreclosure sale price so far below the property's actual value that the purchaser resold it for nearly triple that price within days is inadequate enough to shock the conscience of the court and warrant equitable relief.