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VIERECK v. PEOPLES SAV. AND LOAN ASS'N

Nos. C1-82-870, CX-82-1600.

343 N.W.2d 30 (1984)

Paul J. VIERECK and Donna M. Viereck, (C1-82-870) Respondents, v. PEOPLES SAVINGS AND LOAN ASSOCIATION, (C1-82-870) Appellant, and David W. HUEY and Marcia K. Huey, (CX-82-1600) Respondents, v. FIRST STATE FEDERAL SAVINGS AND LOAN ASSOCIATION, (CX-82-1600) Appellant.

Supreme Court of Minnesota.

January 20, 1984.

Attorney(s) appearing for the Case

Christian, Slen, Savelkoul, Johnson, Broberg & Kohl, Henry J. Savelkoul, Phillip A. Kohl, Albert Lea, for Peoples Savings and Loan Ass'n.

Hessian, McKasy & Soderberg, William J. Utermohlen, Minneapolis, for First State Federal Sav. and Loan.

O'Neill Goggins, Traxler & Zard, Norbert B. Traxler, New Prague, for Paul and Donna Viereck.

Muir, Meyer, Storey, Simons & Costello by Wm. P. Simons and David W. Huey, Jackson, for Hueys.

Moss, Flaherty, Clarkson & Fletcher by Maher J. Weinstein, Minneapolis, amicus curiae, for the Savings League of Minnesota.

Considered and decided by the court en banc without oral argument.

KELLEY, Justice.

In each of these cases separate trial judges held due-on-sale clauses in conventional mortgages on borrower-occupied residential property executed prior to June 1, 1979, were unenforceable by mortgagees who, although state chartered at the time of the execution of each mortgage, were federally chartered at the time of the attempted accelerations of payment upon transfer of the mortgage property by the mortgagors. We affirm.

The Vierecks executed...

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