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WHITEHILL v. SEAWAY PORT AUTHORITY OF DULUTH

No. C3-83-1609.

349 N.W.2d 313 (1984)

Daisy M. WHITEHILL, et al., Respondents, v. SEAWAY PORT AUTHORITY OF DULUTH, MINNESOTA, Respondent, and First National Bank of Columbus, Wisconsin, objector, Appellant.

Court of Appeals of Minnesota.

May 29, 1984.

Attorney(s) appearing for the Case

Thomas V. Firth, Thomas V. Firth, Ltd., David L. Black, Stacker & Ravich, Minneapolis, for respondent Whitehill.

Robert C. Maki and James R. Paulson, Halvorson, Watters, Bye, Downs & Maki, Ltd., Duluth, for respondent Seaway Port Authority of Duluth, Minn.

John N. Nys and Joseph J. Roby, Jr., Johnson, Fredin, Killen, Thibodeau & Seiler, P.A., Duluth, for appellant.

Heard, considered and decided by POPOVICH, C.J., and FORSBERG and RANDALL, JJ.

OPINION

POPOVICH, Chief Judge.

This is an appeal from an order directing that monies remaining in a Bond Fund resulting from the sale of a facility financed by industrial development revenue bonds, after default by the tenant, should be paid out pro rata to all bondholders based on accrued interest. Appellant, First National Bank of Columbus (First National), owns the earliest-maturing bonds in the series, and claims the principal on these bonds should have...

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