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UNITED REALTY TRUST v. PROPERTY DEV., ETC.

No. 47707.

269 N.W.2d 737 (1978)

UNITED REALTY TRUST, etc., Respondent, First National Bank of Rochester, Rochester, Minnesota, Respondent, v. PROPERTY DEVELOPMENT AND RESEARCH COMPANY, et al., Respondents, B. J. Loftsgaarden, Respondent, Alvin A. Holasek, et al., Respondents, Alotel Associates, Appellant, John Hall, et al., Defendants.

Supreme Court of Minnesota.

July 28, 1978.

Attorney(s) appearing for the Case

Gartner, Burkhardt, Shulman & Ekstrand, Rochester, for Alotel Associates and John Hall, et al.

Briggs & Morgan and Bonnil Berezovsky, St. Paul, for United Realty Trust.

Maslon, Kaplan, Edelman, Borman, Brand & McNulty and Marcy Wallace, Minneapolis, for United Realty Trust.

West, Gowan, DeBoer & McIntosh, Rochester, for First Nat. Bank of Rochester.

B. J. Loftsgaarden, St. Paul, for Property Development and Research and pro se.

Eugene A. O'Brien and Donald A. Wheat, Minneapolis, for Alvin A. Holasek, et al.

Minnesota Bankers Association, John S. Jackson, Minneapolis, amicus curiae.

Heard before ROGOSHESKE, KELLY and WAHL, JJ., and considered and decided by the court en banc.

ROGOSHESKE, Justice.

Defendant Alotel Associates (Alotel), a Minnesota limited partnership, claiming to be the true borrower in a defaulted $2,310,000 loan transaction entered in 1973, appeals from the trial court's judgment ordering foreclosure and denying it the defense of usury by application of Minn.St. 334.01, subd. 2, as amended by L. 1974, c. 238, § 1, which exempts transactions of $100,000 or more from the...

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