FDIC v. BURDELL

CC 16-86-04163; CA A43052; SC S35565.

766 P.2d 1032 (1988)

307 Or. 285

THE FEDERAL DEPOSIT INSURANCE CORPORATION, a Federal Corporation, Respondent On Review, v. John W. BURDELL and L. June Burdell, Husband and Wife, Petitioners On Review, and Empire Financial Services, Inc., an Oregon Corporation, Defendant.

Supreme Court of Oregon.

Decided December 30, 1988.


Attorney(s) appearing for the Case

Harold D. Gillis, Eugene, argued the cause and filed the petition for petitioners on review.

Paul V. Vaughan, of Hershner, Hunter, Moulton, Andrews & Neill, Eugene, argued the cause for respondent on review.

Before PETERSON, C.J., and LINDE, CARSON, JONES, GILLETTE and VAN HOOMISSEN, JJ.


JONES, Justice.

The issue in this case is whether ORS 86.770(3) entitles a commercial trust deed beneficiary to a deficiency judgment after a judicial foreclosure sale, even though the trust deed secured the unpaid balance of the purchase price of the real property. After defendants defaulted on a 1983 promissory note held by plaintiff, plaintiff brought this action seeking judgment on the note, judicial foreclosure of the commercial purchase money trust deed securing...

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