First Bank v. Fischer & Frichtel, Inc.
Supreme Court of Missouri
364 S.W.3d 216 (2012)
Fischer & Frichtel (F&F) (defendant) was a real estate developer that borrowed over $2.5 million from First Bank (plaintiff) to finance a residential development. When the loan matured, F&F still owed First Bank $1.1 million but chose to default on the loan rather than repay it. First Bank foreclosed on the unsold lots and sued F&F for the unpaid interest and principal. First Bank purchased the lots at the foreclosure sale for $466,000. The difference between the outstanding loan amount and the foreclosure sale price resulted in a deficiency of approximately $667,000 owed by F&F to First Bank. At trial, F&F alleged that the deficiency should be calculated as the difference between the fair market value of the foreclosed property and the outstanding debt, not the lower foreclosure sale price. The jury agreed with F&F. The jury found the fair market value of the foreclosed property was $918,000. The jury concluded the deficiency owed by F&F to First Bank should be approximately $215,000 plus interest. First Bank filed a motion for a new trial which the trial court granted. F&F appealed to the Missouri Court of Appeals which transferred the case to the Supreme Court of Missouri.
Rule of Law
Holding and Reasoning (Stith, J.)
Dissent (Teitelman, C.J.)
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