Texas Adopts the “Outstanding Balance” Method of Calculating the Deficiency or Surplus After Foreclosure of a Wraparound Deed of Trust: Summers v. Consolidated Capital Special Trust, 783 S.W.2d 580 (Tex. 1989)

Date

1990

Journal Title

Journal ISSN

Volume Title

Publisher

Texas Tech Law Review

Abstract

Analyzes the Texas Supreme Court case of Summers v. Consolidated Capital Special Trust. The Texas Supreme Court adopted the outstanding balance approach of calculating deficiency or surplus after foreclosure of a wraparound deed of trust held that the sale price should be credited against the total outstanding indebtedness on the note.

Description

Keywords

Wraparound deed, Foreclosure, Liens, True debt, Deficiency, Outstanding balance, Wraparound mortgages, Summers v. Consolidated Capital Special Trust

Citation

21 Tex. Tech L. Rev. 873