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RUIDOSO STATE BANK v. CASTLE

No. 16259.

730 P.2d 461 (1986)

105 N.M. 158

RUIDOSO STATE BANK, Plaintiff-Appellant, v. Michael M. CASTLE, et al., Defendants-Appellees.

Supreme Court of New Mexico.

December 23, 1986.

Attorney(s) appearing for the Case

Ronald G. Harris, Parsons, Harris & Bryant, P.C., Ruidoso, for plaintiff-appellant.

Mel B. O'Reilly, Ruidoso, S. Thomas Overstreet, Alamogordo, for defendants-appellees.

OPINION

WALTERS, Justice.

The question on this appeal is whether a mortgage containing a "dragnet clause" covers preexisting debts to the lender in all cases, whether or not those debts are related to the purpose of the loan for which the mortgage is obtained, to give the lender in a foreclosure proceeding a priority position as to those debts over judgments obtained by other creditors before foreclosure. In the circumstances of this case, we hold it does...

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