{"id":32732,"date":"2008-03-26T16:35:41","date_gmt":"2008-03-26T21:35:41","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/uncategorized\/secured-creditors-seeking-a-deficiency-judgement-must-plead.html"},"modified":"2008-03-26T16:35:41","modified_gmt":"2008-03-26T21:35:41","slug":"secured-creditors-seeking-a-deficiency-judgement-must-plead","status":"publish","type":"corporate","link":"https:\/\/corporate.findlaw.com\/finance\/secured-creditors-seeking-a-deficiency-judgement-must-plead.html","title":{"rendered":"Secured Creditors Seeking a Deficiency Judgement Must Plead Notice"},"content":{"rendered":"
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Texron Fin. Corp. v. Trailiner Corp.<\/i>, 965 S.W.2d 426 (Mo. Ct. App. S.D. Div.2 3\/20\/98). SECURED CREDITORS SEEKING A DEFICIENCY JUDGEMENT MUST PLEAD NOTICE- Here, defendant had absolutely guaranteed a third-party's debt to plaintiff. When the third party defaulted and filed bankruptcy, the plaintiff sold the collateral and sued the defendant\/guarantor for the deficiency. However, nowhere in the pleadings did plaintiff state that it gave defendant notice of the sale of the collateral.<\/p>

The court noted that a secured party's failure to provide reasonable notification precludes that party from obtaining a deficiency judgment. These results stems from the fact that deficiency judgments after repossession of collateral are strictly statutory, in derogation of the common law, and therefore require strict compliance. Given that notification was necessary and that plaintiff offered evidence of such notification, the crucial issue in this case was whether or not plaintiff's failure to plead reasonable notification rendered inadmissible that evidence. The court held that it did.<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Texron Fin. Corp. v. Trailiner Corp., 965 S.W.2d 426 (Mo. Ct. App. S.D. Div.2 3\/20\/98). SECURED CREDITORS SEEKING A DEFICIENCY JUDGEMENT MUST PLEAD NOTICE- Here, defendant had absolutely guaranteed a third-party’s debt to plaintiff. When the third …<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_categories":[6480,6479],"class_list":["post-32732","corporate","type-corporate","status-publish","hentry","corporate_categories-finance__bankruptcy","corporate_categories-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate\/32732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=32732"}],"wp:term":[{"taxonomy":"corporate_categories","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_categories?post=32732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}