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Property Keyed to Sprankling
Wansley v. First National Bank of Vicksburg
Citation:
566 So. 2d 1218 (1990).Facts
Tom and Julian Wansley (the plaintiffs) are farmers and brother that co-owned 4,200 acres of farm land. For 15 years, the plaintiffs took out loans from the First National Bank of Vicksburg (the defendant) related to crop production. After falling behind on their repayment, the plaintiffs and their wives executed deeds of trust in their land, which conveyed their interest in the land to John Wheeless as trustee and secured their outstanding indebtedness to the defendant (Tom owed $620,000 and Julian owed $850,000). After the plaintiffs still were unable to repay their debts, the defendant foreclosed on the land and sold it at public auction. The defendant was the only bidder at the auction, and Wheeless (the trustee) accepted the defendant’s bids of $500,000 for each plaintiff’s interest. Wheeless (the trustee) was general counsel for the defendant, sat on its board of directors, and is one of its largest shareholders. Later, the defendant sold the land to another buyer for a substantial loss.
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