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