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McCAUSLAND v. BANKERS LIFE INS. CO. OF NEBRASKA

No. 53436-5.

110 Wn.2d 716 (1988)

757 P.2d 941

C. BRENT McCAUSLAND, ET AL, Respondents, v. BANKERS LIFE INSURANCE COMPANY OF NEBRASKA, Appellant.

The Supreme Court of Washington, En Banc.

June 16, 1988.

Attorney(s) appearing for the Case

Preston, Thorgrimson, Ellis & Holman, by John A. Gose and Judith A. Bigelow, for appellant.

Kane, Vandeberg, Hartinger & Walker, by James R. Verellen and Gary W. Ross, for respondents.

Daniel C. Blom and Craig E. Schuman on behalf of American Council of Life Insurance; Foster, Pepper & Shefelman, by Richard E. Keefe on behalf of Seattle Mortgage Bankers Association and Washington Mortgage Bankers Association, amici curiae for appellant.

ANDERSEN, J.

FACTS OF CASE

This declaratory judgment case raises issues concerning the validity of due-on-sale clauses and prepayment restrictions in commercial real estate financing transactions.

In 1984, appellant Bankers Life Insurance Company (lender), loaned $700,000 to Brent and Colleen McCausland (borrowers) at 13.25% interest for a term of 15 years. This commercial loan provided permanent financing for a retail shopping center owned by the...

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