Sally N. Jones FITCH, Appellant (Defendant), v. BUFFALO FEDERAL SAVINGS AND LOAN ASSOCIATION, a corporation organized and existing under the laws of the United States of America, Appellee (Plaintiff), 751 P.2d 1309

Summary

The foreclosed upon property was mortgaged as security from the promissory note that was executed by the mortgagee and the mortgagor. When the mortgagor defaulted, foreclosure on the property was by advertisement and sale under a power of sale clause in the mortgage. After the proceeds of the sale were applied to the debt, the mortgagee successfully received summary judgment against the mortgagor in its action to recover the deficiency. The mortgagor appealed and, upon review, the court affirmed the judgment. The court held that under Wyoming mortgage law, a deficiency action after foreclosure by power of sale was proper. The court held that there was no statutory limit on the foreclosing mortgagee's right to seek a deficiency judgment when a foreclosure sale does not bring proceeds sufficient to satisfy the mortgage debt. Further, the court held that the mortgagor was imputed to have had constructive knowledge of the possibility of a deficiency action after foreclosure by ...