Buckhead Doctors' Bldg., Inc. v. Oxford Finance Companies, 42633
| Decision Date | 05 April 1967 |
| Docket Number | No. 42633,No. 1,42633,1 |
| Citation | 115 Ga.App. 534,154 S.E.2d 760 |
| Parties | BUCKHEAD DOCTORS' BUILDING, INC. v. OXFORD FINANCE COMPANIES, Inc., et al |
| Court | Georgia Court of Appeals |
Syllabus by the Court
Since the amended petitionConstrued against the plaintiff and in the light of its omissions as well as its averments, shows that the plaintiff's alleged loss of its equity in its property sold under power of sale in a security deed, for which it seeks a recovery, was not proximately caused by any acts or omissions of the appellee-defendant, the judgment sustaining the renewed general demurrer thereto was not error.
Appellant, plaintiff below, brought an action against The Oxford Finance Companies, Inc. and Security Mortgage Corporation for damages allegedly caused by the defendants' cancellation of their second mortgage commitment to the plaintiff and the resulting foreclosure sale of the plaintiff's realty with a building thereon under a security deed by Citizens & Southern National Bank, which was also the assignee of Oxford's commitment as well as of a first mortgage commitment to the plaintiff by Mutual Benefit Life Insurance Company. The petition as amended alleged that the value of the plaintiff's land and 'substantially completed' building at the time of the foreclosure sale was $2,415,000; that the loans against such land and building amounted to $1,300,000 and would have totalled $1,600,000 if defendant Oxford had honored its allegedly existing commitment; that C. & S. Bank had advanced $1,300,000 and held plaintiff's note and security deed as a first lien on the property; and that the plaintiff's equity in the property at that time was the difference between the total of the first and second mortgages and the total value of the property, or the sum of $815,000, for which amount the plaintiff sues. It is alleged that, after the foreclosure sale, C. & S. Bank assigned to plaintiff all of its right, title and interest in and to Oxford's commitment as well as all of its claims or right of action against Oxford arising out of Oxford's alleged commitment cancellation. The appeal is from the judgment of the trial court sustaining the renewed general demurrer of defendant Security Mortgage Corporation to the petition as finally amended.
Moreton Rolleston, Jr., Atlanta, for appellant.
Robert B. Harris, Nancy Pat Phillips, Sutherland, Asbill & Brennan, D. R. Cumming, Jr., W. Laurens Walker, Atlanta, for appellees.
Even assuming the existence of an actionable loan commitment to the plaintiff on the part of the appellee, the amended petition, properly construed, shows that the alleged cancellation of such commitment was not the proximate cause of the plaintiff's alleged damages.
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Giordano v. Stubbs
...the property at its fair market value. Langley v. Stone, 112 Ga.App. 237, 239(2), 144 S.E.2d 627.' Buckhead, etc., Bldg. v. Oxford, etc., Cos., 115 Ga.App. 534, 536, 154 S.E.2d 760, 761. The provision of Code Ann. § 67-1504 (Ga.L.1935, p. 381), that the payment of the true market value of p......
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Oglethorpe Co. v. United States
...could be as much as $3.0 million. To evidence Georgia law, plaintiffs rely on cases such as Buckhead Doctors Bldg., Inc. v. Oxford Finance Co., Inc., 115 Ga.App. 534, 154 S.E.2d 760 (1967) and Langley v. Stone, 112 Ga.App. 237, 144 S.E.2d 627 (1965). We need not decide whether plaintiffs' s......
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Kennedy v. Gwinnett Commercial Bank, 59279
...power of sale in a security deed has a duty to sell the property at its fair market value." Buckhead Doctors' Bldg., Inc. v. Oxford Fin. Cos., 115 Ga.App. 534, 536, 154 S.E.2d 760, 761 (1967). Upon a careful reconsideration of the issue, we conclude that Langley and, subsequently, Buckhead ......
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Kennedy v. Trust Co. Bank of Gwinnett County
...In Kennedy we expressly overruled Langley v. Stone, 112 Ga.App. 237, 144 S.E.2d 627 (1965) and Buckhead Doctors' Bldg. v. Oxford Fin. Cos., 115 Ga.App. 534, 154 S.E.2d 760 (1967) "insofar as they hold there to be such a duty and such a cause of action." Kennedy, 155 Ga.App. at 328, 270 S.E.......