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FIRST FEDERAL SAV. & LOAN v. CLARK INV. CO.

No. 13616.

322 N.W.2d 258 (1982)

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF RAPID CITY, South Dakota, a corporation, Plaintiff and Appellee, v. CLARK INVESTMENT COMPANY, a limited partnership; and William E. Clark, Defendants and Appellants, and Nicholas L. Didier; David E. Morrill; James D. Vaughn; Larry M. Owen; William R. Bohannan; Gene Strascheim; and Charles H. Halgrimson, Defendants.

Supreme Court of South Dakota.

Decided July 21, 1982.

Attorney(s) appearing for the Case

Donald R. Shultz of Lynn, Jackson, Shultz & Lebrun, Rapid City, for plaintiff and appellee.

Ronald W. Banks and Ann C. Jones of Banks & Johnson, Rapid City, for defendants and appellants.

David E. Morrill of Morrill, Hansen, Hubbard & Brown, Rapid City, for defendants.

FOSHEIM, Justice.

First Federal brought a mortgage foreclosure action against mortgagors Clark Investment Company and William E. Clark and other named defendants based on the due-on-sale clause contained in the long-term redemption mortgage, executed November 8, 1971, First Federal held on the mortgaged property. First Federal also sought enforcement of a separate assignment of rents agreement it had with mortgagors Clark Investment Company and William E. Clark and...

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