[Download] "James M. Summers v. Consolidated Capital Special Trust" by Supreme Court of Texas * Book PDF Kindle ePub Free

eBook details

Title: James M. Summers v. Consolidated Capital Special Trust
Author : Supreme Court of Texas
Release Date : January 21, 1989
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 75 KB

Description

The principal issue in this case is how to calculate the deficiency or surplus after foreclosure of a mortgage securing a "wraparound note." The trial court held that the sale price should be credited against the outstanding balance of the note. The court of appeals held that the sale price should be credited against only that portion of the note which exceeds the outstanding balance of the underlying, or "non-wrapped," debt. 737 S.W.2d 327. For the reasons discussed herein, we reverse the judgment of the court of appeals and affirm the judgment of the trial court.