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SIEVERT v. LaMARCA

No. C2-84-1501.

367 N.W.2d 580 (1985)

Howard P. SIEVERT, Appellant, v. Donald D. LaMARCA, et al., Respondent, First State Bank of Lakefield, Respondent, and Dawn Sievert, additional party to counterclaim, Appellant. and FIRST STATE BANK OF LAKEFIELD, Respondent, v. Donald D. LaMARCA, et al., Respondents, Howard P. Sievert, Appellant.

Court of Appeals of Minnesota.

Review Denied July 17, 1985.

Attorney(s) appearing for the Case

James Malcolm Williams, Minneapolis, for appellant.

John I. Halloran, Lacklan B. Muir, Minneapolis, for LaMarca et al.

J. David Jackson, Minneapolis, for respondent.

Heard, considered and decided by NIERENGARTEN, P.J., and FOLEY and LESLIE, JJ.

OPINION

FOLEY, Judge.

This case involves the financing and construction of a home for Dr. Donald LaMarca. The project was financed with loans from the First State Bank of Lakefield to LaMarca and to general contractor Howard Sievert. The loan to LaMarca was secured by a mortgage on the home, and the loan to Sievert by assignment of a contract for deed on Sievert's farm. LaMarca promised to pay Sievert and the bank from the proceeds of the sale of property...

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