FARM CREDIT BANK OF SPOKANE v. STEVENSON

No. 20347.

869 P.2d 1365 (1994)

125 Idaho 270

FARM CREDIT BANK OF SPOKANE, successor in merger, the Federal Land Bank of Spokane, a corporation, Plaintiff-Respondent, v. Lynn E. STEVENSON, a single man, Defendant-Appellant, and The United States of America, acting through the Internal Revenue Service; and Shannon and Jane Doe Wolf, his wife, if married; First Interstate of Idaho, N.A., a corporation; Zane Harrison, Gene Hatch, Eileen Wood, Willard Wilson, Jim Kram and Arden Drake, Defendants.

Supreme Court of Idaho, Boise, November 1993 Term.

February 24, 1994.


Attorney(s) appearing for the Case

Hawley, Troxell, Ennis & Hawley, Boise, for appellant. Steve Hardesty argued.

Service, Gasser & Kerl, Pocatello, for respondent. Ron Kerl argued.


McDEVITT, Chief Justice.

I

BACKGROUND AND PROCEDURE

On June 11, 1981, the Federal Land Bank of Spokane (the "Bank") loaned appellant, Lynn E. Stevenson ("Stevenson"), $1,000,000 for the purchase of farm land. The loan was secured by a mortgage on the land. Installment payments on the loan were scheduled for the first day of each year, the first coming due January 1, 1982. Stevenson did not pay the first installment as scheduled, and made an interest...

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