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Final Copy 290 Ga. 724 S11G1728. TAMPA INVESTMENT GROUP, INC. et al. v. BRANCH BANKING AND TRUST COMPANY, INC. S11G1729. LEGACY COMMUNITIES GROUP, INC. et al. v. BRANCH BANKING AND TRUST COMPANY, INC.

CARLEY, Presiding Justice. From 2005 to 2008, Branch Banking & Trust Company (BB&T) and its predecessors made 16 loans for residential housing development to two companies (Borrowers) which executed promissory notes and deeds to secure debt. The notes were guaranteed by various other companies (Guarantors) which, along with Borrowers, were all controlled by the same individuals. After default on the notes, BB&T gave Borrowers notice of foreclosure as to nine of the notes and purportedly conducted non-judicial foreclosures on June 2, 2009. BB&T was the sole and winning bidder but, three days later, notified Borrowers that it rescinded any notices or actions taken with respect to the foreclosure and that the foreclosure sale had not been and would not be consummated. On June 22, 2009, BB&T brought suit against Borrowers and Guarantors (Appellants) for more than $19 million then due under the notes. BB&T also raised fraudulent transfer claims, and the trial court entered an interlocutory

injunction to preserve the status quo, which was affirmed by this Court in SRB Investment Services v. Branch Banking and Trust Co., 289 Ga. 1 (709 SE2d 267) (2011). On cross-motions for partial summary judgment, the trial court held that BB&T's claims as to the nine notes were barred as improper deficiency actions due to its foreclosure sales on properties securing those notes and its failure to seek confirmation within 30 days of those sales as required by OCGA

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Georgia Law