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COLONIAL BANK v. MARINE BANK, N.A.

No. 88-1128.

152 Wis.2d 444 (1989)

448 N.W.2d 659

COLONIAL BANK, Plaintiff-Respondent, v. MARINE BANK, N.A., f/k/a Marine National Exchange Bank, Defendant-Appellant, Tapio TULISAARI, Berit Tulisaari, First Mercantile Corporation, Max Gorwitz & Sons, Inc., Seattle Fur Exchange, Inc., and Harry Erickson, Defendants.

Supreme Court of Wisconsin.

Decided December 13, 1989.

Attorney(s) appearing for the Case

For the defendant-appellant there was a brief (in court of appeals) by James L. Adashek, and Marine Bank, Milwaukee, and oral argument by Mr. Adashek.

For the plaintiff-respondent there was a brief (in court of appeals) by Gerald H. Antoine, and Huiras, Farrell and Antoine, Port Washington, and oral argument by Gerald H. Antoine.

WILLIAM A. BABLITCH, J.

Marine Bank (Marine) appeals, arguing that optional future advances made by a first mortgagee after acquiring actual knowledge of an intervening second mortgage are not entitled to priority over the second mortgage. We conclude that although mortgages to secure future advances are valid, optional advances made by a first mortgagee with actual knowledge of a second mortgage do not have priority over...

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