[WSBARP] Surplus Fund Q (commercial setting)

[Roberto Castro]

Listmates


I have a PC that held a second position and was the successful bidder in the non-judicial foreclosure.  I am looking for a case (which I could not find) or your thoughts based on the following facts and issue:


  *   building comprised of 3 lots
  *   security given for two of the three parcels (oversight by PC)
  *   Title show PC as secured for all parcels
  *   Security for $700K, parcels with sec'ty interest worth about $100K (over securitized)
  *   Surplus funds $115K
  *   other parcel worth $500K
  *   Judgment creditor in picture over $300K

Does PC keep surplus? Any case? Direction/Thoughts.  I could not find any case law with this issue, although I found a UT casse suggesting that PC would get to keep all (no apportionment based on FMV of the parcels)

Thank you.




Roberto H. Castro

Attorney
Law Office of Roberto H. Castro, PLLC
P.O. Box 747
312 E Trow Avenue
Chelan, WA  98816
Direct:  (509) 679-3668
Fax: (509) 266-7104
www.rcastrolaw.com


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