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MADSEN v. PRUDENTIAL FEDERAL SAV. & LOAN ASS'N

Nos. 79-1362, 79-1535.

635 F.2d 797 (1980)

Richard MADSEN and Nancy Madsen, his wife, for themselves and all others similarly situated, Plaintiffs-Appellants, v. PRUDENTIAL FEDERAL SAVINGS & LOAN ASSOCIATION, for itself and all others similarly situated, Defendant-Appellee, Utah Bankers Association, Intervenor-Appellee. Richard MADSEN and Nancy Madsen, for themselves and all others similarly situated, Petitioners, v. Honorable Aldon J. ANDERSON, Judge of the United States District Court for the District of Utah, Central Division, Respondent.

United States Court of Appeals, Tenth Circuit.

Decided December 3, 1980.

Rehearing Denied January 23, 1981.

Attorney(s) appearing for the Case

Robert J. DeBry, Salt Lake City, Utah, for plaintiffs-appellants.

Joseph J. Palmer, Salt Lake City, Utah (Reid E. Lewis, Salt Lake City, Utah, with him on the brief) of Moyle & Draper, Salt Lake City, Utah, for defendant-appellee.

Peter W. Billings, of Fabian & Clendenin, Salt Lake City, Utah, for intervenor-appellee.

Milan C. Miskovsky, Gen. Counsel, Harvey Simon, Acting Associate Gen. Counsel, Michael L. Seablot, Trial Atty., of Federal Home Loan Bank Board, Washington, D. C., on the brief for amicus curiae Federal Home Loan Bank Board.

Before LOGAN, PECK and SEYMOUR, Circuit Judges.

SEYMOUR, Circuit Judge.

The Madsens, plaintiffs-appellants, borrowed money from Prudential Federal Savings & Loan Association (Prudential) to purchase a home in 1964. Pursuant to this loan, the Madsens signed a trust deed1 requiring them to make "budget payments" of one-twelfth of the annual estimated taxes and insurance along with their monthly payments of principal and interest. Under the agreement, these budget payments were pledged...

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