REGIONS BANK v. THOMAS D. THOMAS, ET AL. - Articles

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Posted by: Landry Butler on Oct 16, 2017

Court: TN Supreme Court

Attorneys 1:

David R. Evans and Timothy L. Mickel, Chattanooga, Tennessee, for the appellant, Regions Bank.

Attorneys 2:

Richard E. Charlton, Memphis, Tennessee, and Kirk L. Clements, Goodlettsville, Tennessee, for the appellees, Thomas D. Thomas, Helen L. Thomas, and The Thomas Family Living Trust.

Judge(s): BIVINS

We granted this appeal to determine whether the Court of Appeals correctly applied the statutory “rebuttable presumption rule” under Article 9 of the Uniform Commercial Code, as codified at Tennessee Code Annotated section 47-9-626, in reversing the trial court and concluding that the Plaintiff, Regions Bank, was not entitled to recover a deficiency from the Defendants, Thomas D. Thomas, Helen L. Thomas, and The Thomas Family Living Trust. We conclude that both the trial court and the Court of Appeals erred in their respective applications of the “rebuttable presumption rule.” Accordingly, the judgment of the Court of Appeals is reversed, the judgment of the trial court is vacated, and this matter is remanded to the trial court for further proceedings as set forth herein.

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