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FEDERAL LAND BANK OF OMAHA v. CARLSON

No. 15450.

411 N.W.2d 415 (1987)

The FEDERAL LAND BANK OF OMAHA, Plaintiff and Respondent, v. L. Melfred CARLSON and Kay E. Carlson, Defendants and Agnes M. Carlson, Defendant and Appellant.

Supreme Court of South Dakota.

Decided August 26, 1987.

Rehearing Granted October 20, 1987.

Attorney(s) appearing for the Case

Kenneth Heisterkamp, Rapid City, for plaintiff and respondent.

Keith R. Smit of Morman, Smit, Shepard, Hughes & Wolsky, Sturgis, for defendant and appellant.

MILLER, Justice (on reassignment).

This is an appeal from a summary judgment in a mortgage foreclosure action. We reverse.

Agnes M. Carlson (Agnes) sold her ranch to her son L. Melfred Carlson and his wife, Kay. She sold the property under contract for deed, for a price of $295,000. After the down payment was made, the balance due was $269,000 together with interest at the rate of six percent per annum. The first payment was due on March 15, 1982.

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