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SCHMITZ v. GRUDZINSKI

No. 86-1345.

141 Wis.2d 867 (1987)

416 N.W.2d 639

Gerhart E. SCHMITZ and Leona F. Schmitz, his wife, Plaintiffs, v. George E. GRUDZINSKI, Agristor Leasing Company, and Strassburg Brothers Implement Company, Inc., Defendants, IXONIA STATE BANK, Defendant-Appellant, LEBANON STATE BANK, Defendant-Respondent.

Court of Appeals of Wisconsin.

Decided October 8, 1987.

Attorney(s) appearing for the Case

For the appellant the cause was submitted on the briefs of Thomas D. Georgeson and Brendemuehl & Georgeson, of Oconomowoc.

For the defendant-respondent the cause was submitted on the brief of Thomas J. Levi and Dierker, Bender & Levi, S.C., of Watertown.

Before Dykman, Eich and Sundby, JJ.

DYKMAN, J.

Ixonia State Bank appeals from an order directing a surplus in a land contract foreclosure to be paid to the Lebanon State Bank. Ixonia asserts that it is entitled to the surplus because its real estate security agreement (RESA) is senior to Lebanon's interest in the property. We agree, and reverse.

George Grudzinski purchased a farm on land contract in 1977. He was operating the farm with his son, Anthony, on July 7, 1981, when they borrowed about...

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