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Sav Mut InsN.W.2dWhitestoneAss'nN.Y.2dN.E.2dN.Y.S.2dN.Y.1971 hijDklmenoDpqӀ("$    GGGG'dxd2 0Indent123  2" 0Indent20 23  2, 0Indent30 0 23  26 0Indent40 0 0 23  2@ 0Indent50 0 0 0 23  2J 0Indent60 0 0 0 0 23  2T 0Indent70 0 0 0 0 0 23  2^ 0Indent80 0 0 0 0 0 0 23  UVWXYZ[\ ?AGMSYaioIndent0I.A.1.a.(1)(a)i)a)<  9p`(ModernP 8Mac DefaultMac Default ` X<  9p`(Monaco<  9p`(Courier New% Line 7 dhhhh7Border 1ddOiC << G<  9p`(Arial # F!  #d#^g  kk   YYY FILEDkX March28,1996CecilCrowson,Jr.kAppellateCourtClerk PtPtHH(FG(HH(d'@Styl{WP}01  HH  2$HH  Geneva  <Px443!#4$*$$*$ KK  Geneva  Geneva .,6 Monaco   BA:Op Monaco  BA:Op Monaco OC<< CLevel 1Level 2Level 3Level 4Level 5($$   1  ' dxdP Pd F! . ^&ffXd&#ffXd#g    ћ7XXdd7\RA'\ `    , 5  h u` ќLjli;+'h|`  `Lߛ@ INTHECOURTOFAPPEALSOFTENNESSEE@ EASTERNSECTIONUNIONPLANTERSNATIONALBANK@ ) KNOXCOUNTY@ ) 03A019510CH00342 PlaintiffAppellee @ )@ )@ ) v. @ ) HON.SHARONBELL,̀@ ) CHANCELLOR @ )RALPHA.TAYLORAND@ )THOMASC.METCALFE,JR.@ )   @ )  DefendantsAppellants@ ) REVERSEDANDDISMISSEDJOEG.BAGWELLOFKNOXVILLEFORAPPELLANTSSTEPHENW.GIBSONOFKNOXVILLEFORAPPELLEEATTRIALLEVEL;UNREPRESENTEDONAPPEAL    OPINION         Goddard,P.J.  RalphA.TaylorandThomasC.Metcalfe,Jr.,appealajudgmentrenderedagainstthemtotaling$67,022.67infavorofUnionPlantersNationalBank,successorininteresttoFidelityFederalBank,F.B.S.  TheDefendants'appealraisesanumberofissues.However,webelieveissueoneisdispositive:     1. DidtheCourterrinoverrulingDefendants'MotionforSummaryJudgmentonthegroundsthatthePlaintiff'spredecessorbankhadbidinthefullamountoftheDefendants'debtattheTrustee'sforeclosuresale?      Thiscontroversyresultedfromalineofcreditintheamountof$37,600,grantedtotheDefendantsbyFidelityFederalinJune1989.  TheChancellor'sopinionfoundthattheDefendantsowed$37,600,whichtheyhadbeenadvanced,plusinterest,expensesandattorneyfeesonthreeseparatetheories:(1)breachofcontractincidenttothemoniesadvanced,(2)negligentmisrepresentation,and(3)unjustenrichment.  TheDefendantswereinthebusinessofbuyinghousesthatneededrepair,repairingthemandthereaftersellingthem.  Infurtheranceofthisendeavorthey,asalreadynoted,establishedalineofcreditintheamountof$37,600withFirstFederalinJune1989,whichwassecuredbyadeedoftrustonahouseandlotlocatedat6325HighDriveinthe5thDistrictofKnoxCounty.  AstheDefendantsmadedrawsagainsttheirlineofcredittheyrepresentedtoFidelityFederalthattheproceedswouldbeusedtorenovatethatproperty.  Thepropertywasneverrenovated,principallyduetothefactthatMr.Taylor'swifebecameseriouslyillinNovember1989andlatersuccumbed.Asaresultofthistheprojectwasvirtuallyabandoned.Theduedateoftheloanwasextendedthreemonths,untilSeptember15,1990,andthereafterbecameindefault,resultinginthetrusteebeingdirectedtoforeclosethetrustdeed.  Bytrustee'sdeeddatedJune4,1991,thepropertywassoldtoFidelityFederalforthesumof$43,672.06,which,accordingtoourunderstandingoftherecord,wouldincludethe$37,600borrowed,plusaccruedinterest,attorneyfeesandallotherexpensesofsale.  Afterretainingthepropertyforsome17monthsFidelityFederalsoldittoathirdpartyfor$4500.Thethirdparty,aftermakingcertainimprovements,thensoldthepropertyfor$9500.  Inourview,anopinionoftheMiddleSectionofthisCourt,whichistobepublished,FirstInvestmentCompanyv.AllstateInsuranceCompany,filedinNashvilleonAugust12,1994althoughinaslightlydifferentcontextresolvesthisappeal.InthatcasethisCourt,speakingthroughJudgeKoch,statedthefollowing:     Foreclosureproceedingsextinguishthemortgagedebtwhentheproceedsoftheforeclosuresaleequalorexceedthedebtandrelatedcosts.Accordingly,amortgageewhobidsinthefullamountofthedebtattheforeclosuresaleacceptsthepropertyitselfinfullpaymentoftheunderlyingdebt,whileamortgageewhobidsinlessthanthefullamountofthedebtretainsitsstatusasacreditorwithregardtothedeficiency.Farmers&MerchantsSav.Bankv.FarmBureauMut.Ins.Co.,405N.W.2d834,837(Iowa1987);WhitestoneSav.&LoanAss'nv.AllstateIns.Co.,28N.Y.2d332,270N.E.2d694,696,321N.Y.S.2d862(N.Y.1971).      Wethinkthereasoningparticularlyappliesinthiscasewherethetrustee'sdeedrecitesthatthepropertywassoldtoFidelityFederal"afterreceivingcompetitivebids."  WeconcludethatFidelityFederalpurchasingthepropertyfortheamountoutstandingwasequivalenttoathirdpartypayingthatamount.This,ofcourse,extinguishednotonlythedebt,butanycauseofactionFidelityFederalmighthavehadformisrepresentationorunjustenrichment.  Totestourreasoning,supposethatinaccordancewiththerecitalofthetrustee'sdeedathirdpartyhadbid$43,000,FidelityFederalpurchasedthepropertybybiddingthesumitdidandsubsequentlysoldthepropertyfor$4500.WouldFidelityFederalthenbeentitledtorecoverthedifferencebetweentheamountitclaimsandthe$4500ultimatelyreceived?Wethinkthequestionanswersitself.  Fortheforegoingreasonsthejudgmentisreversedandthecomplaintdismissed.Thecaseisremandedforcollectionofcostsbelow,whichare,asarecostsofappeal,adjudgedagainstUnionPlanters.      _______________________________      HoustonM.Goddard,P.J.CONCUR:________________________________HerschelP.Franks,J.________________________________WilliamH.Inman,Sr.J.