Wansley v. First National Bank of Vicksburg
Supreme Court of Mississippi
566 So. 2d 1218 (1990)
After the Wansleys (plaintiffs) defaulted on crop-financing loans secured by deeds of trust on their farmland, the Bank (defendant) directed the trustee to foreclose and sell the land at public auction, where the Bank itself was the successful bidder at $500,000 per co-tenant's interest; the chancery court confirmed the Bank's title and awarded deficiency judgments for the remaining debt, but on initial appeal the Mississippi Supreme Court held the sales voidable because the trustee was not sufficiently disinterested, prompting the Bank's petition for rehearing.
Whether the sale of real estate by a trustee of a deed of trust will be upheld and accepted for deficiency judgment purposes if the sale is commercially reasonable in all respects.