Boring v. State Bank and Trust Co.

The bank had the requisite legal standing to bring its confirmation action against the guarantors of commercial loans, since a confirmation proceeding is a limited statutory proceeding, in which an assignment issue is not relevant.

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Richard M. Boring and Mechanical Equipment and Supply, Inc hereinafter collectively “Boring”, appeal from the trial court’s order confirming the foreclosure sale of certain properties that State Bank and Trust Company held as security for commercial loans Boring guaranteed. Upon our review, we affirm. In confirming a nonjudicial foreclosure sale under OCGA § 44-14-161, the trial court “shall require evidence to show the true market value of the property sold under the powers and shall not confirm the sale unless it is satisfied that the property so sold brought its true market value on such foreclosure sale.” OCGA § 44-14-161 b. In such proceedings, the trial court sits as the trier of fact, and its findings and conclusions have the effect of a jury verdict. See Wilson v. Prudential Indus. Properties , 276 Ga. App. 180 1 622 SE2d 890 2005, citing McCain v. Galloway , 267 Ga. App. 505 600 SE2d 449 2004. Thus, we will not disturb the trial court’s decision if there is any evidence to support it. Oates v. Sea Island Bank , 172 Ga. App. 178 1 322 SE2d 291 1984. Additionally, “we do not determine witness credibility or weigh the evidence and we view the evidence in the light most favorable to the trial court’s judgment.” Citation omitted. McCain , supra.

So viewed, the evidence shows that in March of 2005, SouthBank gave Sierra Vista of Habersham, LLC, a commercial loan in the amount of $1,420,000.00 to purchase certain real property in Habersham County, and the company gave SouthBank a deed to secure debt on the property. Contemporaneously with the execution of the promissary note, Richard Boring, Sierra Vista’s registered agent and managing member, executed a guaranty in favor of SouthBank, personally guaranteeing the debt. In June of 2005, SouthBank changed its name to Security Bank of North Metro. The note and Boring’s guaranty were renewed several times during 2006 and 2007. In September of 2007, Richard Boring and Mechanical Equipment and Supply, Inc., each executed a guaranty of the Sierra Vista loan renewal.

Boring v. State Bank and Trust Co.

The bank had the requisite legal standing to bring its confirmation action against the guarantors of commercial loans, since a confirmation proceeding is a limited statutory proceeding, in which an assignment issue is not relevant.

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