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Central Financial Services, Inc. v. Spears

Supreme Court of Mississippi
425 So. 2d 403 (Miss. 1983)


Facts

Central Financial Services (CFS) (defendant) foreclosed on Spears’s (plaintiff) property. CFS was the only bidder in the foreclosure sale and it bid $1,458.86. Only twelve days later, CFS sold the property for $4,000 to Stewart, making about a $2,500 profit in less than two weeks. The Chancery Court of Lauderdale County found that the fair market value of the property was $6,000. Spears brought suit seeking to set aside the foreclosure sale. The Chancery Court of Lauderdale County sustained CFS’s demurrer. Spears appealed to the Supreme Court of Mississippi which reversed and remanded for a trial on the merits. On remand, the Chancery Court of Lauderdale County ruled in favor of Spears. CFS appealed.

Rule of Law

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Issue

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Holding and Reasoning (Sugg, P.J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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