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In re Edry
United States Bankruptcy Court for the District of Massachusetts
201 B.R. 604 (1996)
Edry (plaintiff) owned a home subject to a mortgage held by Rhode Island Hospital Trust National Bank (the Bank) (defendant). The Bank foreclosed on the home. The Bank provided notice of the foreclosure using only the minimum publication required by statute, which was a small notice in the legal section of the newspaper. Common practice was to buy large and more informative advertisements in the real estate section of the newspaper in addition to the statutorily required notice. The Bank specifically asked the auctioneer to do the minimum required. The Bank made one bid at the auction for the exact amount of its debt, approximately $85,500. The house ultimately sold for $86,500. The Bank never sought to ascertain the fair market value of the property. Edry filed for chapter 13 bankruptcy. The bankruptcy court enjoined the foreclosure sale, pending trial. At trial, the fair market value of the house was $190,000.
Rule of Law
Holding and Reasoning (Queenan, J.)
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