WV HB2655 | 2015 | Regular Session
Status
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on February 6 2015 - 25% progression, died in committee
Action: 2015-02-06 - To House Judiciary
Pending: House Judiciary Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 6 2015 - 25% progression, died in committee
Action: 2015-02-06 - To House Judiciary
Pending: House Judiciary Committee
Text: Latest bill text (Introduced) [HTML]
Summary
This bill provides that the defendant in a civil action brought to recover a deficiency remaining after a foreclosure, may not assert as a defense that the fair market value of the property sold was not obtained at the trust deed foreclosure sale, and addresses Sostaric v. Marshall, decided November 12, 2014, by the West Virginia Supreme Court of Appeals. This bill further is consistent with the holding in Pence v. Jamison, et al., 80 W.Va. 761, 94 S.E. 383 (1917), that a sale of real estate by a trustee under a deed of trust will not be set aside upon the ground of inadequacy of price, unless such inadequacy is so great as to shock the conscience of the court.
Title
Providing that a defendant in a civil action to recover a deficiency after a sale under a deed of trust may not assert as a defense that fair market value was not obtained for the property
Sponsors
History
Date | Chamber | Action |
---|---|---|
2015-02-06 | House | To House Judiciary |
2015-02-06 | House | Introduced in House |
2015-02-06 | House | To Judiciary then Finance |
2015-02-06 | House | Filed for introduction |
Same As/Similar To
SB418 (Same As) 2015-04-15 - Chapter 167, Acts, Regular Session, 2015
Subjects
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
38 | 1 | 7 | Amended Code | Citation Text |