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FEDERAL LAND BANK OF ST. PAUL v. WALTZ

Civ. No. 870319.

423 N.W.2d 799 (1988)

FEDERAL LAND BANK OF ST. PAUL, a body corporate, Plaintiff and Appellee, v. Ernest WALTZ, a/k/a Ernest J. Waltz and John E. Waltz, and Olive Waltz, a/k/a Olive C. Waltz, husband and wife; Defendants and Appellants, The United States of America, acting through the Farmers Home Administration; and the United States of America, acting through the Administrator of the Small Business Administration, Defendants.

Supreme Court of North Dakota.

May 26, 1988.

Attorney(s) appearing for the Case

Smith & Whitman, Bismarck, for defendants and appellants; argued by Sheldon A. Smith.

Traynor, Rutten & Traynor, Devils Lake, for plaintiff and appellee; argued by J. Thomas Traynor, Jr.

GIERKE, Justice.

The defendants, Ernest and Olive Waltz (hereafter collectively referred to as Waltzes), appeal from a district court summary judgment dated September 15, 1987, which granted foreclosure of a real estate mortgage held by the plaintiff, Federal Land Bank. We reverse.

On May 16, 1977, Waltzes executed and delivered a note and mortgage to Federal Land Bank in the amount of $400,000.00. The Waltzes subsequently defaulted on the note and mortgage...

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