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Cengage Advantage Books: Business Law Today, The Essentials 10th Edition by Roger LeRoy Miller
النسخة 10الرقم المعياري الدولي: 978-1133191353Cengage Advantage Books: Business Law Today, The Essentials 10th Edition by Roger LeRoy Miller
النسخة 10الرقم المعياري الدولي: 978-1133191353 تمرين 6
Mitchell v. Valteau a
FACTS Dr. Pamela Mitchell borrowed $143,724 to buy a house and lot. A mortgage on the property secured the loan and provided for the sale of the house on default. When Mitchell defaulted, the mortgage holder, Washington Mutual Bank, obtained a court order to seize and sell the property and notified Mitchell. The parties negotiated a new agreement that postponed the seizure and sale. After making two payments, Mitchell again defaulted, and the court issued an amended order of seizure. Despite several attempts, Mitchell was not notified of this order personally. The house was seized and sold. Several months later, Mitchell filed a petition to invalidate the judicial sale and request damages for wrongful seizure.
ISSUE Is a debtor (Mitchell), who received the notice of seizure and sale in a foreclosure proceeding and then entered into a repayment agreement with the lender entitled to receive a second notice of sale if she defaults again?
DECISION No. The Louisiana appellate court affirmed the lower court's decision in favor of the bank. Mitchell was not entitled to another notice of seizure and sale under Louisiana law.
REASON After examining Louisiana law and other cases, the reviewing court concluded that there was "no Louisiana authority for requiring a creditor to provide a debtor with notice of a rescheduled judicial sale." Further, it was clear from the repayment agreement that the seizure and sale proceedings would be placed on hold only during the time the repayment agreement was in place. "The agreement also provided for the resumption of the foreclosure in the event of a default in its terms, which Dr. Mitchell acknowledged occurred. There was no obligation to serve Dr. Mitchell with another notice of seizure."
CRITICAL THINKING-Ethical Consideration What is the underlying purpose for requiring lenders to serve a written notice of seizure of property ? Was the court's holding fair to Mitchell ? Why or why not ?
FACTS Dr. Pamela Mitchell borrowed $143,724 to buy a house and lot. A mortgage on the property secured the loan and provided for the sale of the house on default. When Mitchell defaulted, the mortgage holder, Washington Mutual Bank, obtained a court order to seize and sell the property and notified Mitchell. The parties negotiated a new agreement that postponed the seizure and sale. After making two payments, Mitchell again defaulted, and the court issued an amended order of seizure. Despite several attempts, Mitchell was not notified of this order personally. The house was seized and sold. Several months later, Mitchell filed a petition to invalidate the judicial sale and request damages for wrongful seizure.
ISSUE Is a debtor (Mitchell), who received the notice of seizure and sale in a foreclosure proceeding and then entered into a repayment agreement with the lender entitled to receive a second notice of sale if she defaults again?
DECISION No. The Louisiana appellate court affirmed the lower court's decision in favor of the bank. Mitchell was not entitled to another notice of seizure and sale under Louisiana law.
REASON After examining Louisiana law and other cases, the reviewing court concluded that there was "no Louisiana authority for requiring a creditor to provide a debtor with notice of a rescheduled judicial sale." Further, it was clear from the repayment agreement that the seizure and sale proceedings would be placed on hold only during the time the repayment agreement was in place. "The agreement also provided for the resumption of the foreclosure in the event of a default in its terms, which Dr. Mitchell acknowledged occurred. There was no obligation to serve Dr. Mitchell with another notice of seizure."
CRITICAL THINKING-Ethical Consideration What is the underlying purpose for requiring lenders to serve a written notice of seizure of property ? Was the court's holding fair to Mitchell ? Why or why not ?
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Foreclosure of a loan happens when the b...
Cengage Advantage Books: Business Law Today, The Essentials 10th Edition by Roger LeRoy Miller
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