AMERICAN NAT. BANK v. HRA FOR BRAINERD

No. A08-1814.

773 N.W.2d 333 (2009)

AMERICAN NATIONAL BANK OF MINNESOTA, Appellant, v. HOUSING AND REDEVELOPMENT AUTHORITY FOR the CITY OF BRAINERD, Respondent.

Court of Appeals of Minnesota.

October 13, 2009.


Attorney(s) appearing for the Case

Stephen F. Rufer, Chad R. Felstul, Pemberton, Sorlie, Rufer & Kershner, P.L.L.P., Fergus Falls, MN, for appellant.

Wallace G. Hilke, Christopher R. Smith, Lindquist & Vennum, P.L.L.P., Minneapolis, MN, for respondent.

Adam D. Chelseth, Fryberger, Buchanan, Smith & Frederick, P.A., St. Paul, MN, Eric S. Johnson, Fryberger, Buchanan, Smith & Frederick, P.A., Duluth, MN, for amicus curiae National Association of Housing and Redevelopment Officials, Minnesota Chapter.

Considered and decided by Toussaint, Chief Judge; Shumaker, Judge; and Hudson, Judge.


OPINION

HUDSON, Judge.

Appellant challenges the district court's grant of summary judgment in favor of respondent on appellant's claim for a deficiency judgment after respondent defaulted on a revenue note purchased by appellant. We conclude that, under the terms of the parties' agreement and the governing statute, appellant is not entitled to a deficiency judgment because the sources of repayment are limited to those sources of payment or pledged security...

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