Moayedi v. Interstate 35/Chisam Road, L.P.

438 S.W.3d 1 (2014)

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Moayedi v. Interstate 35/Chisam Road, L.P.

Texas Supreme Court
438 S.W.3d 1 (2014)

  • Written by Whitney Kamerzel , JD

Facts

1-35/Chisam Road, L.P. (the lender) (defendant) loaned Villages of Sanger, Ltd. (Villages) $696,000 under a promissory note secured by a deed of trust. Merhdad Moayedi (plaintiff), the president of Villages’ general partner, guaranteed the note and expressly waived all defenses to liability for the full payment of the debt. Villages defaulted, and the lender bought the property at a nonjudicial foreclosure sale for $487,200 although the property’s fair market value was $840,000. The lender then sued Moayedi for a deficiency judgment for the remaining $266,748.84 loan balance. The trial court granted summary judgment for Moayedi after Moayedi asked the court to offset the amount owed with the fair market value of the property using rights granted to debtors and guarantors under Texas law. The court of appeals reversed, holding that Moayedi waived his statutory right to a fair-market-value offset. Moayedi appealed.

Rule of Law

Issue

Holding and Reasoning (Willett, J.)

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