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Greater Southwest Office Park, Ltd. v. Texas Commerce Bank National Assoc.

786 S.W.2d 386 (1990)

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Greater Southwest Office Park, Ltd. v. Texas Commerce Bank National Assoc.

Texas Court of Appeals

786 S.W.2d 386 (1990)

Facts

Greater Southwest Office Park, Limited (plaintiff) obtained a loan from Texas Commerce Bank National Association (defendant) for $5,000,000 in exchange for a promissory note secured by a deed of trust on real property. Greater Southwest defaulted, and the bank foreclosed. At the foreclosure sale, the bank bought the property for $4,847,903.96, the outstanding balance Greater Southwest owed on the loan plus the costs of the sale. Greater Southwest brought suit, seeking damages on the ground that the bank’s bid on the land was grossly inadequate as compared to the land’s market value. Greater Southwest did not present evidence of any irregularities regarding the sale, nor did Greater Southwest ask the court set aside the sale. The trial court held that Greater Southwest did not file a cognizable claim and granted the bank summary judgment. Greater Southwest appealed.

Rule of Law

Issue

Holding and Reasoning (Warren, J.)

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