A developer and a company that owe SunTrust Bank more than $1.8 million have asked the Supreme Court of Georgia to get involved in a debate over a law from the Great Depression that has become relevant in the Great Recession.
At issue is the Confirmation Statute, O.C.G.A. �§44-14-161, enacted in 1935. Lawyers for the developer say that a key part of the law requires a lender that initially foreclosed on a property and sold it to go before a judge to confirm the sale, ensuring the property was sold at a fair-market value and thereby keeping the debtor’s deficiency as low as possible.
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