Horizon Bank, Nat’l Ass’n v. Marshalls Point Retreat, L.L.C. 380 Wis. 2d 60, 908 N.W.2d 797 (Wis. 2018)

In connection with a foreclosure on one of the most valuable single-family residential properties in Wisconsin, Quarles & Brady successfully petitioned the Supreme Court of Wisconsin to vacate and remand an instruction from the Court of Appeals directing the trial court to apply a credit of only $2.25 million to a money judgment entered against our client, the guarantor of the mortgage. The Court of Appeals’ limited credit amount, which was based only on the sheriff’s sale price, would have required the guarantor to pay a remaining $1.8 million to the mortgagee, without any consideration of the property’s fair market value of nearly $10 million. Quarles & Brady successfully argued before the Supreme Court that the Court of Appeals was incorrect to limit the guarantor’s credit to the amount of the bank’s credit bid at the sheriff’s sale. Quarles & Brady thereby won a decision to vacate and remand to the trial court for an independent determination of the guarantor’s credit, protecting its client from an astronomical payment not reflective of the property’s considerable fair market value.

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