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MARTIN v. PEOPLES MUT. SAV. AND LOAN ASS'N

No. 66054.

319 N.W.2d 220 (1982)

James F. MARTIN and Georgeann J. Martin, Appellees, v. PEOPLES MUTUAL SAVINGS AND LOAN ASSOCIATION, Appellant.

Supreme Court of Iowa.

May 19, 1982.

Attorney(s) appearing for the Case

George Keith of Martin, Keith & Pederson, Waterloo, and Jon Fister of Beecher, Beecher, Holmes & Rathert, Waterloo, for appellant.

Robert L. Rausch of Cutler & Rausch, Waterloo, for appellees.

Thomas J. Miller, Atty. Gen., and Steven G. Norby, Asst. Atty. Gen., for amicus curiae State of Iowa.

George Cosson, General Counsel, Iowa Housing Finance Authority, Des Moines, for amicus curiae Iowa Housing Finance Authority.

Considered en banc.

REYNOLDSON, Chief Justice.

Plaintiffs, James F. and Georgeann J. Martin, purchased a residential property from a borrower-mortgagor of defendant Peoples Mutual Savings and Loan Association (Association). They then brought this declaratory judgment action to nullify the due-on-sale acceleration clause in the Association's mortgage. Trial court granted the requested relief and the Association appealed. We reverse and remand.

The Waterloo, Iowa, home involved...

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