M&I Marshall & Ilsley Bank v. Sunrise Farms Dev., LLC, et al.

The Bank appealed the district court's calculation of a deficiency judgment against Sunrise. Where, as here, the state's highest court has unambiguously articulated state law, the district court must apply it. Because the district court ignored clear, well-settled Missouri law, it erred in calculating the deficiency based on the property's fair market value rather than the foreclosure sale price. Accordingly, the court reversed and remanded for further proceedings. View "M&I Marshall & Ilsley Bank v. Sunrise Farms Dev., LLC, et al." on Justia Law