REAL ESTATE EQUITY STRATEGIES, LLC v. JONES

No. A05-2083.

720 N.W.2d 352 (2006)

REAL ESTATE EQUITY STRATEGIES, LLC, Respondent, v. Michael E. JONES, et al., Appellants.

Court of Appeals of Minnesota.

August 8, 2006.


Attorney(s) appearing for the Case

Jack E. Pierce, Tracy Halliday, Pierce Law Firm, P.A., Minneapolis, MN, for respondent.

Kristine K. Nogosek, Robert B. Bauer, Severson, Sheldon, Dougherty & Molenda, P.A., Apple Valley, MN, for appellants.

Leah K. Weaver, Mid-Minnesota Legal Assistance, Minneapolis, MN; and David P. Graham, Michael L. Dolan, Oppenheimer Wolff & Donnelly LLP, Minneapolis, MN, for amicus curiae Mid-Minnesota Legal Assistance.

Mike Hatch, Attorney General, Julie Yuki Ralston Aoki, Martin Carlson, Assistant Attorneys General, St. Paul, MN, for amicus curiae State of Minnesota.

Considered and decided by HUDSON, Presiding Judge; KALITOWSKI, Judge; and WORKE, Judge.


OPINION

HUDSON, Judge.

When the mortgage on the home of Michael and Edith Jones (owners) went into foreclosure, they entered an agreement with Real Estate Equity Strategies (REES) and related entities under which owners purportedly sold their home to a REES-related entity and leased it back with an option to purchase. Owners later defaulted on the lease and REES filed an eviction action against owners. Owners filed a separate equity-stripping action against...

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