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PEOPLES BANK AND TRUST v. REIFF

Civ. No. 9303.

256 N.W.2d 336 (1977)

The PEOPLES BANK AND TRUST, a corporation, formerly known as Peoples State Bank, of Parshall, North Dakota, and Donald Olson, Plaintiffs and Appellees, v. Marvin J. REIFF, d/b/a Gambles No. 4698, Parshall, North Dakota, and Anita M. Reiff, Defendants and Appellees, and Gamble-Skogmo, Inc., a Foreign Corporation, Defendant and Appellant.

Supreme Court of North Dakota.

July 27, 1977.

Attorney(s) appearing for the Case

Bosard, McCutcheon, Kerian, Schmidt & Holum, Minot, for defendant and appellant; argued by Jon R. Kerian and Robert S. Rau, Minot.

Bair, Brown & Kautzmann, Mandan, for plaintiffs and appellees; argued by Malcolm H. Brown, Mandan.

ERICKSTAD, Chief Justice.

This appeal involves the priorities of Gamble-Skogmo, Inc., The Peoples Bank and Trust of Parshall, North Dakota (hereinafter the Bank), and Donald Olson, secured creditors of Marvin J. Reiff, d/b/a Gambles No. 4698.

In July of 1972 negotiations were entered into by Olson and Spidahl, Inc., Donald Olson (a shareholder in that corporation), The Peoples Bank and Trust (formerly known as Peoples State Bank) of Parshall, North Dakota...

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