SEARCH

Fayette Promenade v. Branch Banking & Trust Co.

The fair market value of partially developed realty could be determined by using a bulk sale analysis.

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

On April 7, 1999, Fayette Promenade, LLC, executed a security deed in favor of Branch Banking & Trust Co.’s predecessor in interest conveying an interest in three partially developed tracts of land totaling 30 acres in Fayette County as security for a loan of $5,000,000. Ronald L. Lozoff guaranteed the debt. One 3.15 acre tract of prime frontage was subsequently sold for $1,700,000.

Fayette Promenade then defaulted on the note. Branch Banking gave notice of default and intent to foreclose and properly advertised the pending sale of the remaining property. Pursuant to the power contained in the security deed, Branch Banking conducted the foreclosure sale of the property on July 3, 2001, and submitted the only bid, of $3,000,000. Branch Banking sought confirmation of the sale pursuant to OCGA § 44-14-161. Following a hearing, the superior court confirmed the sale. Fayette Promenade and Lozoff appeal from the order of confirmation, arguing that there was no evidence that the amount bid at the foreclosure sale was at least the true market value on the date of the sale. We disagree and affirm.

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now

From Data to Decisions

Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.

Exclusive Depth and Reach.

Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.

Big Pictures and Fine Details

Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.

Elite Trial Lawyers 2024

July 11, 2024
New York, NY

The National Law Journal Elite Trial Lawyers recognizes U.S.-based law firms performing exemplary work on behalf of plaintiffs.

Learn More

GlobeSt. Women of Influence (WOI) 2024

July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.

Learn More

New York Legal Awards 2024

September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.

Learn More

Insurance Coverage Litigation Attorney - New York

Cullen and Dykman is seeking an associate attorney with a minimum of 5+ years in insurance coverage experience as well as risk transfer and ...

Apply Now ›

INSURANCE COVERAGE ASSOCIATE

McCarter & English, LLP is actively seeking a midlevel insurance coverage associate for its Newark, NJ and/or Philadelphia, PA offices. ...

Apply Now ›

BANKRUPTCY & COMMERCIAL LITIGATION ASSOCIATE

McCarter & English, LLP, a well established and growing law firm, is actively seeking a talented and driven associate having 2-5 years o...

Apply Now ›

Lawyers of Distinction

06/27/2024
The American Lawyer

Professional Announcement

View Announcement ›

06/21/2024
Daily Business Review

Full Page Announcement

View Announcement ›

Blume Forte Fried Zerres & Molinari

06/14/2024
New Jersey Law Journal

Professional Announcement

View Announcement ›