Case: 13-11487 Date Filed: 10/07/2016 Page: 1 of 4
[DO NOT PUBLISH]
IN THE UNITED STATES COURT OF APPEALS
FOR THE ELEVENTH CIRCUIT
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No. 13-11487
Non-Argument Calendar
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D.C. Docket No. 4:11-cv-00224-WTM-GRS
TITAN CONSTRUCTION COMPANY, LLC,
Plaintiff - Appellant,
versus
CBC NATIONAL BANK,
Defendant - Appellee.
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Appeal from the United States District Court
for the Southern District of Georgia
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(October 7, 2016)
Before HULL, WILSON and ROSENBAUM, Circuit Judges.
PER CURIAM:
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Appellant Titan Construction Company, LLC (“Titan”) appeals the district
court’s order denying its motion for summary judgment and granting CBC
National Bank’s (“CBC”) motion for summary judgment. Through a series of
loans and security deeds, Titan borrowed over $6,000,000 from CBC. Titan
defaulted on the loans. CBC then foreclosed on several of the properties on July 7,
2009. CBC was the high bidder for each of those properties at the foreclosure sale
with credit bids totaling $3,266,738.18. That total bid represented the outstanding
principal owed by Titan on each of the foreclosed properties plus CBC’s incurred
expenses, but not interest, attorney’s fees, or late fees. Titan concedes that its
indebtedness to CBC exceeded $3,266,738.18 on July 7, 2009.
After the foreclosure, CBC discovered that the legal descriptions of the
properties in the deeds were inadequate. CBC then foreclosed again on December
1, 2009. CBC again extended credit bids totaling $3,266,738.18 and was again the
high bidder.
Titan then sued CBC in state court for unjust enrichment and conversion,
alleging that CBC received excess money because there were two foreclosures of
Titan’s property. Titan added the amounts of CBC’s credit bids, over three million
dollars from each foreclosure sale, together to determine the total amount received
by CBC was over $6,000,000. Titan claimed that it was entitled to the amount
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received by CBC from the two foreclosures that exceeded the principal outstanding
on the loans.
After review of the record and briefs, we conclude that Titan has not shown
reversible error in the district court’s grant of summary judgment to CBC and
denial of summary judgment to Titan. Titan alleged that the first foreclosure sale
satisfied its debts on those properties, making the second foreclosure a conversion
and an unjust enrichment because CBC did not pay the excess amount received to
Titan.
In reality, however, the first foreclosure was invalid, and CBC thus received
no value from the foreclosure. The district court did not err in concluding that (1)
the inadequate legal descriptions of the property prevented title to the property
from passing to CBC; (2) CBC never acquired title from the invalid foreclosure
because of the inadequate legal descriptions; and (3) CBC was within its rights to
conduct a second, valid foreclosure. Even on appeal, Titan does not contest that
the July 7, 2009 foreclosure was invalid or argue that the legal descriptions of the
property were adequate.
Because the first foreclosure was invalid, CBC received no value from that
transaction and title to the property only passed to CBC once. CBC received no
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excess benefit, was not unjustly enriched, and did not convert any funds due to
Titan. 1
AFFIRMED.
1
Additionally, we note that the jurisdictional issues in this case were resolved on remand to the
district court.
4