been met, the court would not confirm the pre-petition foreclosure sale at issue. See id. at 137-38. Upon reconsideration of the matter, in which the creditor provided evidence that consideration had been exchanged and the statute of frauds requirement had been met pre-petition, the court confirmed the foreclosure sale. See In re Johnson, 215 B.R. at 989. The creditor proved that an exchange of consideration occurred on the date of the sale by submitting the affidavit of the Substitute Trustee who stated that the creditor had used a credit bid against its debt and that credit bids are “customary in the realm of foreclosure sales in which the mortgagee bids on the property being sold.” Id. at 990; see also Ottarson v. Dobson & Johnson, Inc., 58 Tenn.App.408, 430 S.W.2d 873, 875 (1968) (<HOLDING>). The creditor proved also that the statute of
holding that a preexisting or antecedent debt may constitute sufficient consideration to support a mortgage recognizing debt cancellation as consideration recognizing satisfaction of a valid debt as adequate consideration in a transfer of real property holding that effect of discharge of debt under bankruptcy code is the same as it was under the 1898 bankruptcy act it is not an extinguishment of the debt but only a bar to enforcement of the debt as a personal obligation of the debt or holding that the repayment of an antecedent debt constitutes fair consideration