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R&J of Tennessee, Inc. v. Blankenship-Melton Real Estate, Inc.
Tennessee Court of Appeals
166 S.W.3d 195 (2005)
Blankenship-Melton Real Estate, Inc. (BM) (defendant) took out a loan from the Bank of Henderson (Bank). BM gave the Bank a security interest in a boat, tractor, truck, and mobile home. Walden Blankenship, guaranteed the note, as did Steve Melton (Steve), and his father, Larry. The loan was extended twice before BM defaulted. The Bank initiated foreclosure proceedings. Johnny Melton (Johnny), as president and majority shareholder of R & J of Tennessee, Inc. (R&J) (plaintiff), bought the note. R&J took no action for seven months, while Steve lived in the trailer, and Larry used the truck. No rent was paid for use of the collateral. R&J initiated foreclosure proceedings. Notice was sent to Blankenship at the address listed on the guaranty, but Blankenship had moved. Two delivery attempts were made, but R&J went forward without confirmation. After the sale, the letter was returned undeliverable. R&J posted notices of the sale at its office, the courthouse, and on the collateral. Only Larry and Johnny attended the sale, and Johnny was the only bidder. R&J sued Blankenship for the deficiency. Blankenship won in the general sessions court, but the circuit court tried the case de novo and found for R&J. Blankenship appealed to the Court of Appeals of Tennessee, challenging the sufficiency of the notice and the commercial reasonableness of the sale.
Rule of Law
Holding and Reasoning (Highers, J.)
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