United States Sixth Circuit

Lienholders are entitled to the entire amount of earnest money deposited at a foreclosure auction where defendant breached an enforceable contract of sale, and a liquidated damage provision specifying the fifteen percent deposit plus interest is "eminently reasonable."

Appellate Information

• Decided 04/04/2001
• Published 04/04/2001

Judges

• Before BOGGS, SUHRHEINRICH, and JOHN R. GIBSON, Circuit Judges.

Court

• United States Sixth Circuit

Counsel

• For Appellant:
  
• Sidney P. Alexander, Asst. U.S. Atty., Memphis, TN, William Kanter, Frank A. Rosenfeld, argued and briefed, U.S. Dept. of Justice, Civ. Div., App. Staff, Washington, DC, for United States in Nos. 98-6678, 99-5190 & 99-5192., Craig V. Morton, II, argued and briefed, Morton, Breakstone & Germany, Memphis, TN, for Venkat Ponnapula in Nos. 98-6678, 99-5190 & 99-5192., Paul A. Matthews, argued and briefed, Armstrong, Allen, Prewitt, Gentry, Johnston & Holmes, Memphis, TN, for State Bank of India, The New York Branch in Nos. 98-6678 & 99-5190., Eugene J. Podestra, Jr., argued and briefed, Baker, Donelson, Bearman & Caldwell, Memphis, TN, for Tracey Malone in Nos. 98-6678, 99-5190 & 99-5192.