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Griffin Builders v. Synovus Bank

The amount realized by the bank in the foreclosure could not be considered excess proceeds since the bank's bid was for the amount of outstanding debt, and no evidence was presented to establish that the bank acquired any excess funds.

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Griffin Builders, LLC, Brenda Griffin and Eric Griffin appeal the trial court’s order granting summary judgment to Synovus Bank on their complaint seeking, inter alia, monies derived from excess proceeds allegedly obtained at a foreclosure sale. We affirm for the reasons set forth below.

On January 26, 2005, Griffin Builders signed a note in the amount of $502,688, in favor of CB&T Bank of Middle Georgia, Synovus’s predecessor in interest CB&T and Synovus hereinafter collectively referred to as the “Bank”. This note was secured by a security deed on Lot 5 of the Mill Pond Plantation Subdivision the “Mill Pond Security Deed”. On May 16, 2008, Griffin Builders signed a renewal note, which reduced this debt to $455,527 “Note 20″ and which was also secured by the Mill Pond Security Deed, as well as individual guaranties signed by Eric and Brenda Griffin. The purpose of Note 20, as referenced on its face, was to “refinance a spec loan.”

 
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