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MORTGAGE ASSOCIATES v. MONONA SHORES

No. 47.

47 Wis.2d 171 (1970)

177 N.W.2d 340

MORTGAGE ASSOCIATES, INC., Respondent, v. MONONA SHORES, INC., and others, Appellants: WELCH and others, Defendants.

Supreme Court of Wisconsin.

Decided June 2, 1970.

Attorney(s) appearing for the Case

For the appellant Monona Shores, Inc., there was a brief and oral argument by Jerome L. Rinzel of Milwaukee.

For the appellants Harold's Painting & Decorating Company, National Bank of North Chicago, and Grimm Masonry, there was a brief and oral argument by A. E. Simonson of Madison.

For the appellants Fish Building Supply, Inc., and Alex Temkin, d/b/a Temko Steel Supply Company, there was a brief by Ross, Stevens, Pick & Spohn, attorneys, and Daniel W. Hildebrand of counsel, all of Madison, and oral argument by Mr. Hildebrand.

For the appellant W. O. Zimmerman, Inc., there was a brief by McBurney & McBurney and Carlyle H. Whipple, all of Madison, and oral argument by Mr. Whipple.

For the respondent there was a brief by Peregrine, Schimenz, Marcuvitz & Cameron and M. J. Levin, all of Milwaukee, and oral argument by Mr. Alan Marcuvitz and Mr. Levin.

HALLOWS, C. J.

The defendant-mortgagor Monona Shores, Inc. (Monona) acquired the land from its sole stockholder Russell J. Lesperance who also, through other corporations, engaged in construction of the apartment complex. Lesperance personally had an option on the land for $188,000 and assigned the option to another corporation of his and finally to Monona at what would appear to be a handsome profit. Unexplained in the record is why a short-term mortgage to facilitate...

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