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SCHOLLMEYER v. SAXOWSKY

Civ. No. 8885.

211 N.W.2d 377 (1973)

Charles W. SCHOLLMEYER and Angaletta D. Schollmeyer, Plaintiffs and Appellees, v. Gilbert SAXOWSKY, Defendant and Appellant, The Liberty National Bank and Trust Company, Defendant.

Supreme Court of North Dakota.

Rehearing Denied October 23, 1973.

Attorney(s) appearing for the Case

Mackoff, Kellogg, Kirby & Kloster, Dickinson, for defendant and appellant.

Freed, Dynes & Malloy, Dickinson, for plaintiffs and appellees.

PAULSON, Judge.

On December 18, 1965, Charles W. and Angaletta D. Schollmeyer [hereinafter Schollmeyers] purchased a subordinate debenture from Edward Engelhardt, who was a salesman for State Acceptance Corporation [hereinafter SAC]. The Schollmeyers were not aware of the fact that the debenture they purchased was subordinate or that it contained a no-recourse clause until they received the actual debenture a few days after the purchase.

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