J.E. Robert Co. v. Signature Props., LLC
Annotate this CaseDefendant executed a promissory note secured by a mortgage and security agreement on Defendant's property. Guarantors guaranteed the note and mortgage. Plaintiff later foreclosed on the property. Thereafter, Plaintiff filed a timely motion seeking a deficiency judgment against Defendant and Guarantors. The trial court found the fair market value of the mortgaged property to be $5.3 million and rendered a deficiency judgment in the amount of $13,264,318. Defendant and Guarantors appealed, arguing that the trial court improperly relied on the appraisal report submitted by the substitute plaintiff and the testimony of Plaintiff’s appraiser because they expressed an opinion on the value of the leased fee interest in the mortgaged property, and Plaintiff was required to establish the value of the fee simple interest. The Supreme Court affirmed, holding that the trial court’s fair market value finding was not erroneous, and Plaintiff satisfied its burden of establishing the value of the mortgaged property.
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