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FEDERAL LAND BANK OF JACKSON v. JOE T. WOLFE AND IRENE R. WOLFE

DECEMBER 06, 1989

FEDERAL LAND BANK OF JACKSON
v.
JOE T. WOLFE AND IRENE R. WOLFE



BEFORE HAWKINS, P.J., SULLIVAN AND PITTMAN, JJ.

PITTMAN, J., FOR THE COURT:

Joe and Irene Wolfe borrowed $663,000.00 from the Federal Land Bank of Jackson, and in return executed a note and deed of trust on 781 acres of their land. After the Wolfes defaulted on the loan, Federal Land Bank foreclosed, and eventually purchased the subject property at the foreclosure sale. Federal Land Bank then filed suit against the Wolfes in Tallahatchie County Circuit Court, alleging that the proceeds from the sale of the subject property were insufficient to pay the Wolfes' debt and that the Bank was entitled to a deficiency judgment. A jury found in favor of the Wolfes. Because we find that reversible error was committed below, we reverse and remand. I.

The parties in this cause stipulated to the following facts:

 1) That on the 1st day of February, 1982, Joe T. Wolfe and wife, Irene R. Wolfe, executed a note to the Federal Land Bank of New Orleans in the amount of $663,000.00.

 2) That on the same date, Joe T. Wolfe and wife, Irene R. Wolfe, executed a good and valid deed of trust to secure the aforementioned note; this deed of trust pledged 781 acres of land as security.

 3) At the time of the execution of the note and deed of trust this land was valued at approximately $1250.00 per acre.

 4) That Joe T. Wolfe and wife, Irene R. Wolfe, paid a total of $138,932.19 on the note under the terms of the note.

 5) That on March 18, 1985, Joe T. Wolfe and Irene R. Wolfe were declared to be in default on their note in the amount of $722,390.66, plus costs and attorney's fees.

 6) That the note and deed of trust by which said note was secured were properly prepared and executed under the Constitution and laws of the State of Mississippi and according to generally accepted practices within said state.

 7) It is further stipulated that the attorney who conducted the foreclosure sale, Hon. George P. Cossar, Jr., followed all constitutional and statutory requirements and conducted the sale in a manner generally held to be acceptable within the State of Mississippi.

 8) Proper notice was given of said sale, said notice being published in The Sun-Sentinel, a newspaper published in Tallahatchie County in Vol. 62, Nos. 13, 14, 15, and 16, said numbers published on March 28th, April 4th, April 11th, and April 18th, 1985.

 9) The Trustee's sale of the land took place between 11:00 o'clock in the forenoon and 4:00 o'clock in the afternoon on the 19th day of April 19, 1985, at the West front door of the County Courthouse in the City of Charleston, Mississippi.

 10) The subject real property was bought by The Federal

 Land Bank of New Orleans for the sum of $663,000.00, or $848.91 per acre.

 11) At the time of the foreclosure sale, the Bank was owed by Joe T. Wolfe and ...


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