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LANESBORO STATE BANK v. HENNESSEY

No. 81-693.

317 N.W.2d 49 (1982)

LANESBORO STATE BANK, Appellant, v. Robert G. HENNESSEY, et al., Respondents.

Supreme Court of Minnesota.

March 26, 1982.

Attorney(s) appearing for the Case

Holmes & Graven, David L. Graven and Larry M. Wertheim, Minneapolis, for appellant.

Streater, Murphy, Gernander & Beerling and Leo F. Murphy, Jr., Winona, for respondents.

Heard, considered and decided by the court en banc.

TODD, Justice.

On July 12, 1977, Robert and Rita Hennessey sold certain property to Richard J. Johnson by contract for deed. Johnson subsequently placed a first mortgage with the Rushford Bank and second mortgage with the Lanesboro Bank on his vendee's interest and thereafter conveyed by quit claim deed and assignment of contract his vendee's interest to David Joerg, his attorney. The assignment and quit claim deed were recorded but a memorandum agreement executed...

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