Appeal from the United States District Court
for the Western District of Michigan at Grand Rapids.
No. 1:13-cv-00393—Robert Holmes Bell, District Judge.
Argued: June 22, 2017
Decided and Filed: July 27, 2017
Before: BOGGS, CLAY, and SUTTON, Circuit Judges.
SUTTON, Circuit Judge. This case presents a mixed question of law and math. Baker
Lofts borrowed money from Huntington National Bank to convert an abandoned furniture
factory into residential and commercial real estate. The venture did not go well. Baker Lofts
defaulted on its loan payments. Huntington, through a subsidiary, foreclosed on the building.
And the assignee of Baker Lofts’ legal claims filed a lawsuit against Huntington to prevent it
from collecting Baker Lofts’ unpaid debt and to recover the other collateral that Huntington had
taken to satisfy the debt. A bench trial distilled all of these events into two questions: Was the
building worth more than Baker Lofts’ debt when Huntington foreclosed? And, if so, by how
much? Because the district court correctly concluded that Baker Lofts’ debt exceeded the value
of the foreclosed building and because the excess permitted Huntington to take possession of the
other property securing its loans, we affirm the judgment in Huntington’s favor.