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FIRST NAT. BANK OF EDEN v. PEARSON

Nos. 16832, 16833.

455 N.W.2d 858 (1990)

The FIRST NATIONAL BANK OF EDEN, a corporation, Plaintiff and Appellant, v. Neal W. PEARSON; Janet Pearson; Brewster Building Center, Inc., a corporation; and Marshall County, a political subdivision of the State of South Dakota, Defendants and Appellees. The FIRST NATIONAL BANK OF EDEN, a corporation, Plaintiff and Appellant, v. Kermit M. PEARSON; Peggy L. Pearson; Brewster Building Center, Inc., a corporation; Alrox, Inc., a corporation, doing business as KGIM; and Marshall County, a political subdivision of the State of South Dakota, Defendants and Appellees.

Supreme Court of South Dakota.

Decided May 9, 1990.

Attorney(s) appearing for the Case

Carlyle E. Richards, P.C., Aberdeen, for appellant.

Danny R. Smeins, Britton, for appellees, Neal W. Pearson and Janet M. Pearson (No. 16833) and Kermit M. Pearson and Peggy L. Pearson (No. 16832).

WUEST, Chief Justice.

First National Bank of Eden (Bank) appeals from a judgment of dismissal entered in favor of Neal and Kermit Pearson (Pearsons) who were debtors under certain loans granted by the bank. We reverse.

Neal and Kermit Pearson are brothers who farm in Marshall County, South Dakota. On October 15, 1980, each of them signed a promissory note in favor of the Bank for $300,000. These promissory notes were secured by two real estate mortgages which...

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