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SUMMERS v. CONSOL. CAPITAL SPECIAL TRUST

No. C-6817.

783 S.W.2d 580 (1989)

James M. SUMMERS, Trustee and English Village Apartments, Ltd., Petitioners, v. CONSOLIDATED CAPITAL SPECIAL TRUST, Respondent.

Supreme Court of Texas.

Rehearing Overruled February 28, 1990.

Dissenting Opinion February 28, 1990.

Attorney(s) appearing for the Case

Linda L. Addison, Sarah B. Duncan, Houston, for petitioners.

George H. Tarpley, David L. Ellerbe, Dallas, for respondent.

Dissenting Opinion of Justice Mauzy February 28, 1990.

OPINION

PHILLIPS, Chief Justice.

The principal issue in this case is how to calculate the deficiency or surplus after foreclosure of a mortgage securing a "wraparound note." The trial court held that the sale price should be credited against the outstanding balance of the note. The court of appeals held that the sale price should be credited against only that portion of the note which exceeds...

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