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PAUL HAYGOOD AND BLANCHE W. HAYGOOD v. FIRST NATIONAL BANK OF NEW ALBANY

NOVEMBER 25, 1987

PAUL HAYGOOD AND BLANCHE W. HAYGOOD
v.
FIRST NATIONAL BANK OF NEW ALBANY, MISSISSIPPI



BEFORE ROY NOBLE LEE, ROBERTSON and GRIFFIN

ROY NOBLE LEE, CHIEF JUSTICE, FOR THE COURT:

Paul L. Haygood and Blanche W. Haygood, husband and wife, appeal from a judgment of the Circuit Court of Union County, Mississippi, entered against them and in favor of First National Bank of New Albany, Mississippi, in the amount of one hundred thirty thousand seven hundred thirty-seven dollars seventeen cents ($130,737.17) with interest, and five thousand dollars ($5,000) attorney's fees, deficiency on two promissory notes, after a foreclosure sale. The appellants have assigned three errors in the trial below.

Facts

 On October 12, 1984, the appellants executed two notes to First National Bank of New Albany, one in the amount of two hundred forty-one thousand, four hundred eighteen dollars ninety-seven cents ($241,418.97), and the other in the amount of sixteen thousand two hundred fifty-one dollars thirteen cents ($16,251.13) Both notes were due on November 26, 1984. They were secured by a deed of trust executed by the appellants and their son, who owned an undivided interest in a parcel of the land, covering 347.5 acres in Lee County.

 The appellants failed to pay the notes by the due date, and the appellee cooperated with appellants for several months while they sought refinancing of the notes through FHA. Appellants were unable to obtain an FHA loan, and, on April 9, 1985, appellee foreclosed on the deed of trust. The foreclosure sale was conducted by appellee's attorney at the Lee County Courthouse, where appellee was the only bidder and

 bought the land for one hundred fifty thousand dollars ($150,000). At the time of foreclosure, principal and interest due on the notes totalled two hundred seventy-five thousand, four hundred fifty-nine dollars eighty-seven cents ($275,459.87), in addition to trustees' fees of five thousand two hundred seventy-seven dollars thirty cents ($5,277.30). After crediting the $150,000 foreclosure proceeds to the appellants' debt, appellee had a deficiency of $130,737.17. On April 10, 1985, appellee filed suit in the Circuit Court of Union County to recover the deficiency.

 Appellee's principal offices are in Union County, and the notes provided that they were due and payable at the principal offices or any branch office of the appellee. Also, appellee amended its complaint to seek a writ of attachment on certain property of the appellants.

 Appellants answered with a general denial of the allegations of the complaint and filed affirmative defenses, setting out the following:

 (1) Venue was improper;

 (2) Writ of attachment was improperly issued;

 (3) Deed of trust was fraudulent obtained by appellee;

 (4) Notes were not in default at the time of foreclosure; and

 (5) Appellee's $150,000 foreclosure bid was insufficient.

 Appellants filed a counterclaim for one million dollars ($1,000,000) in actual damages and two million dollars ($2,000,000) in punitive damages.

 Discovery consisted of the depositions of appellants, their son, and the ...


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