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DEPARTMENT OF BANKING & FINANCE v. DAVIS

No. 85-984.

416 N.W.2d 566 (1987)

227 Neb. 172

DEPARTMENT OF BANKING AND FINANCE OF the STATE OF NEBRASKA, Receiver for Commonwealth Savings Company, Appellant, v. Charles R. DAVIS et al., Appellees.

Supreme Court of Nebraska.

December 18, 1987.

Attorney(s) appearing for the Case

William G. Blake, of Pierson, Ackerman, Fitchett, Akin & Hunzeker, Lincoln, for appellant.

David A. Barron, of Cline, Williams, Wright, Johnson & Oldfather, Lincoln, for appellee New York Guardian Mortgagee Corp.

BOSLAUGH, WHITE, CAPORALE, SHANAHAN, and GRANT, JJ., and COLWELL, District Judge, Retired.

COLWELL, District Judge, Retired.

Plaintiff, as receiver for Commonwealth Savings Company (Commonwealth), brought this action to foreclose a 1976 real estate mortgage originally given by the defendants Charles R. Davis and Colleen Davis (Davises) to Nebraska Modular Homes, Inc. (Modular). Plaintiff claims the mortgage and secured note were assigned by Modular to Commonwealth as collateral security for a debt Modular owed to Commonwealth. The assignment was neither...

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