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FEDERAL LAND BANK OF ST. PAUL v. OVERBOE

Civ. No. 11129.

404 N.W.2d 445 (1987)

The FEDERAL LAND BANK OF SAINT PAUL, Plaintiff and Appellant, v. David A. OVERBOE and Debora Overboe, Defendants and Appellees, and United States of America, Production Credit Association of Fargo, Victor P. Zajac, and Ames Sand & Gravel, Inc., Defendants.

Supreme Court of North Dakota.

April 16, 1987.

Attorney(s) appearing for the Case

Gunhus, Grinnell, Klinger, Swenson & Guy, Fargo, for plaintiff and appellant; argued by Craig R. Campbell.

Bruce E. Bohlman, Grand Forks, for defendants and appellees.

GIERKE, Justice.

The Federal Land Bank of Saint Paul [FLB or Bank] appeals from a district court judgment which denied foreclosure of its mortgage on the farmland of David and Debora Overboe and ordered that the principal and interest owing on the underlying obligation be reamortized over the longest period allowed under FLB regulations. We affirm, but modify the judgment by striking the order that the loan be reamortized.

The Overboes executed a mortgage...

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