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WALNUT STREET FEDERAL SAVINGS & LOAN ASSOCIATION v. BERNSTEIN. (01/05/59)

January 5, 1959

WALNUT STREET FEDERAL SAVINGS & LOAN ASSOCIATION, APPELLANT,
v.
BERNSTEIN.



Appeal, No. 237, Jan. T., 1958, from decree of Court of Common Pleas No. 7 of Philadelphia County, March T., 1957, No. 4967, in case of Walnut Street Federal Savings & Loan Association v. Edward Bernstein et al. Decree affirmed.

COUNSEL

R. Winfield Baile, with him William Jay Leon and Baile, Thompson & Shea, for appellant.

Arlen Specter, with him Barnes, Dechert, Price, Myers & Rhoads, for appellee.

Perrin C. Hamilton, with him Hamilton, Smith and Darmopray, for appellee, Miller.

Before Jones, C.j., Bell, Musmanno, Jones, Cohen and Bok, JJ.

Author: Bok

[ 394 Pa. Page 355]

OPINION BY MR. JUSTICE BOK.

This case involves the Deficiency Judgment Act: July 16, 1941, P.L. 400; 12 P.S. ยง 2621.1.

Between April, 1955, and April, 1957, when judgment was entered, a block of three properties passed from Bernstein to McInerney to Miller. Assessed damages were $11,400.24, total debt $14,688.95. The appellant bought the properties in for $11,800, and now avers in its petition that the fair market value was $8,000.

The court below fixed the value at $11,800 and the judgment creditor has appealed. Its position is that under Section 6 of the Act "the court shall determine and fix as the fair market value of the property the amount thereof alleged in the petition..." when there is an answer denying such value but no evidence to support the denial. Appellant contends that there was no competent countervening evidence and that the averment in the petition, $8000, is the fair market value.

The only question is whether or not there is proper evidence to support the court's figure.

Appellant offered two real estate appraisers and their figures were $7500 and $8000.

Appellees offered evidence of a different kind. They showed that at the execution sale an independent bid was made of $11,000. After bidding in the property for $11,800, appellant then sold it for $11,000. In 1957 the property was assessed for $20,300. Miller, one of the appellees, paid $21,000 for it less than a year before the sheriff's sale, and he valued it as of the date of the sheriff's sale at $20,000. ...


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