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FIRST STATE BANK v. ANDERSON

Civ. No. 890140.

452 N.W.2d 90 (1990)

The FIRST STATE BANK OF NEW ROCKFORD, Plaintiff and Appellee, v. Warren ANDERSON, individually and as trustee, and Fay L. Larson as trustee of the Residuary Trust created under the Will of Emil Anderson, Defendants and Appellants.

Supreme Court of North Dakota.

March 1, 1990.

Attorney(s) appearing for the Case

Olson, Sturdevant & Burns, Minot, for plaintiff and appellee; argued by Richard P. Olson.

Kent L. Johnson (appearance), Minot, for defendants and appellants. Argued by Robert W. Palda, Minot.

Keith C. Magnusson, Bismarck, for amicus curiae North Dakota Bankers Ass'n. Submitted on brief.

GIERKE, Justice.

Warren Anderson and Fay Larson have appealed from a district court judgment1 awarding a deficiency judgment to First State Bank of New Rockford. We reverse.

In 1984 Anderson and Larson executed a promissory note for $70,000 and gave First State Bank a mortgage on two hundred acres of land.2 The mortgage was prepared by First State Bank on...

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