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BUXCEL v. FIRST FIDELITY BANK

No. 20355.

601 N.W.2d 593 (1999)

1999 SD 126

Clifford BUXCEL and Elaine Buxcel, Plaintiffs and Appellants, v. FIRST FIDELITY BANK, Defendant and Appellee. and Small Business Administration, Defendant.

Supreme Court of South Dakota.

Reassigned June 21, 1999.

Decided September 15, 1999.

Rehearing Denied November 22, 1999.

Attorney(s) appearing for the Case

James E. Carlon, Pierre, SD, for plaintiffs and appellants.

Brent A. Wilbur of May, Adam, Gerdes & Thompson, Pierre, SD, for defendant and appellee.

AMUNDSON, Justice (on reassignment).

[¶ 1.] When Buxcels were looking for a business to buy, First Fidelity Bank encouraged them to purchase a grocery store from its customers, the Fabers. A bank officer told them they could earn "a good living" in the business. Buxcels bought the store, pledging their farm and home as collateral. First Fidelity financed the purchase and prepared the SBA guaranteed loan application. After the store failed, Buxcels learned that...

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