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LRD LLC v. State Bank Trust Co.

The trial court properly confirmed the foreclosure sales of two parcels of real property, as some evidence supported its findings regarding the parcels' true market values on the date of the sales.

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These appeals are from orders confirming the foreclosure sales of two parcels of real property purchased by LRD, LLC. At issue is whether the lender proved the parcels’ true market values as of the date of the foreclosure sales. We find that the evidence was sufficient, and affirm.

On July 6, 2010, State Bank and Trust Company “State Bank” foreclosed on two parcels of real property1 that had served as security for loans made to LRD, LLC, and guaranteed by several individuals, including Leo Owens, Ralph Barlow, and Joseph Hession.2 State Bank was the highest bidder at the foreclosure sales, paying $1,706,250 for Parcel 1 and $625,800 for Parcel 2. Before the foreclosure sale, in May 2010, LRD owed $4,108,881 principal on Parcel 1, and $1,400,250 principal on Parcel 2.

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