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ED HERMAN & SONS v. RUSSELL

No. C7-93-609.

535 N.W.2d 803 (1995)

ED HERMAN & SONS, et al., Respondents, v. James H. RUSSELL and First Bank National Association, Trustees under Trust Agreement Dated December 30, 1986, Petitioners, Appellants.

Supreme Court of Minnesota.

Rehearing Denied August 16, 1995.

Attorney(s) appearing for the Case

Lee W. Mosher, Davern, McLeod & Pezalla, Golden Valley, for appellant.

Jo Lynn Isaccson, David W. Skogerboe, Skogerboe & Skogerboe, Ctd., Blaine, for respondent.

Heard, considered and decided by the court en banc.

OPINION

TOMLJANOVICH, Justice.

Under Minn.Stat. § 582.31(a) (1994), a mortgagee of agricultural property may either obtain and execute a judgment for the debt owed on the note secured by the mortgage, or foreclose on the mortgage and obtain a deficiency judgment, if allowed. On March 23, 1990, Ed Herman & Sons, a Minnesota partnership, and Edward Herman, Gerald Herman and Duane Herman, three of its four partners, brought an action against James...

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