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SCHMIDT v. SCHMIDT

Civ. No. 950046.

540 N.W.2d 605 (1995)

Arnold SCHMIDT, Personal Representative of the Estate of Odelia Schmidt, deceased, Plaintiff and Appellee, v. Gerald D. SCHMIDT, Defendant and Appellant, and Trudie Heaton, formerly Trudie Kay Schmidt, United States of America, acting through the Farmers Home Administration, and Dale E. Walsh, Personal Representative of the Estate of Robert D. Walsh, deceased, Defendants.

Supreme Court of North Dakota.

November 30, 1995.

Attorney(s) appearing for the Case

Thomas A. Wentz (argued), of Pringle & Herigstad, PC, Minot, for plaintiff and appellee.

Thomas M. Disselhorst (argued), Bismarck, and Ervin J. Lee (appearance), of Lee & Temanson, Minot, for defendant and appellant.

LEVINE, Justice.

Gerald Schmidt appeals from a district court summary judgment canceling a contract for deed. We affirm.

On August 21, 1978, Wilson and Odelia Schmidt sold their family farm to their son, Gerald, on a contract for deed. The purchase price was $115,000, with a $20,000 downpayment and the $95,000 balance payable in 40 annual installments at four percent interest. According to a subsequent IRS audit, the purchase price was a fraction of the actual...

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