M&I Marshall & Ilsley Bank v. Sunrise Farms Dev., LLC, et al., No. 13-1479 (8th Cir. 2013)
Annotate this CaseThe Bank appealed the district court's calculation of a deficiency judgment against Sunrise. Where, as here, the state's highest court has unambiguously articulated state law, the district court must apply it. Because the district court ignored clear, well-settled Missouri law, it erred in calculating the deficiency based on the property's fair market value rather than the foreclosure sale price. Accordingly, the court reversed and remanded for further proceedings.
Court Description: Civil case. The district court ignored clear, well-settled Missouri law when it calculated the deficiency on defendant's outstanding debt based on the property's fair market value rather than the foreclosure sale price, and the judgment is reversed and the case remanded for further proceedings. [ December 12, 2013
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