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JPMORGAN CHASE v. SPECIALTY RESTAURANTS

No. 106,289.

243 P.3d 8 (2010)

2010 OK 65

JPMORGAN CHASE BANK, N.A., Plaintiff/Appellant, v. SPECIALTY RESTAURANTS, INC.; Paul Kreth; James Vallion; and the James Vallion Trust, Defendants/Appellants.

Supreme Court of Oklahoma.

As Corrected November 22, 2010.

Rehearing Denied November 29, 2010.

Attorney(s) appearing for the Case

Joel W. Harmon , T.P. Howell , Day, Edwards, Propester & Christensen, P.C., Oklahoma City, OK, for Plaintiff/Appellant.

Russell L. Mullinix , Amy G. Piedmont , Armando J. Rosell , Mullinix, Ogden, Hall, Andrews & Ludlam, P.L.L.C., Oklahoma City, OK, for Defendants/Appellees, Specialty Restaurants Inc. and Paul Kreth.

Russell L. Mulinix , Mulinix, Ogden, Hall, Oklahoma City, OK, for Defendants/Appellees, James Vallion and the James Vallion Trust.

WATT, J.:

¶ 1 We granted certiorari to address a single issue: whether, after foreclosure, the guarantors1 were entitled to credit on the mortgagee's judgment for the fair and reasonable market value of the property2 disposed of at sheriff's sale?3 We determine that the guarantors effectively waived the right to a credit or setoff of...

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