Determining REV—
a. does it depend on what parties knew at the time? In example under G(5)(a), some would argue that this was REV at the time and that is all that counts. If selling party knew that price would drop, then others would argue that this is less than REV. Depends on the court.
b. BFP v. Resolution Trust Corp—REV should be conclusively deemed to have been given at any judicial foreclosure sale that was (1) noncollusive and (2) properly conducted under state law. In many cases, the biggest thing to insure compliance w/ state law procedures is making sure that parties got notice of the sale. (Note that the bigger the dif between value of prop and what is gotten at sale, the more the procedure will be scrutinized.)
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