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FIRST DAKOTA NAT. BANK v. MAXON

No. 18558.

534 N.W.2d 37 (1995)

FIRST DAKOTA NATIONAL BANK, Plaintiff and Appellant, v. William MAXON and John T. Parker, Jr., Defendants and Appellees, and Jack Schaefer, Defendant.

Supreme Court of South Dakota.

Reassigned February 1, 1995.

Decided June 21, 1995.

Attorney(s) appearing for the Case

Michael F. Marlow and Robert C. Brown of Johnson, Heidepriem, Miner & Marlow, Yankton, for plaintiff and appellant.

Gale E. Fisher, Sioux Falls, for appellee, Maxon.

John A. Schlimgen of Stuart and Gerry, Sioux Falls, for appellee, Parker.

KONENKAMP, Justice.

First Dakota National Bank appeals the circuit court's judgment discharging persons on a promissory note. We reverse.

FACTS

William Maxon owned the Skyline Motel and Chateau Lounge located in Yankton, South Dakota. He sold it in September 1987 on a contract for deed to J & J Hotels, Inc. (J & J), a corporation formed by Jack Schaefer and John Parker. Under the terms of the sale contract, J & J assumed Maxon's remaining...

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