Plain English Breakdown
The official source material does not provide details on what happens if someone cannot meet the new standard of proof, nor does it specify potential impacts on the number or outcome of foreclosure cases in Tennessee.
Changing Proof Requirements for Foreclosure Sales
This bill changes the burden of proof from 'preponderance of the evidence' to 'clear and convincing evidence' when a debtor tries to prove that a foreclosure sale price is much lower than fair market value.
What This Bill Does
- Changes the type of evidence needed in court from 'preponderance of the evidence' to 'clear and convincing evidence'.
- Applies this change when someone tries to prove that a property's foreclosure sale price is much lower than its fair market value.
Who It Names or Affects
- People who have had their homes foreclosed and want to contest the sale price.
- Courts that handle cases related to property foreclosures.
Terms To Know
- preponderance of the evidence
- The amount of proof needed in a case where it is more likely than not that something happened or is true.
- clear and convincing evidence
- A higher level of proof required to show that something is highly probable and clearly believable.
Limits and Unknowns
- The bill does not specify what happens if someone cannot meet the new standard of proof.
- It's unclear how this change will affect the number or outcome of foreclosure cases in Tennessee.