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BROOK VALLEY LTD. v. MUT. OF OMAHA BANK

No. S-12-039.

825 N.W.2d 779 (2013)

285 Neb. 157

BROOK VALLEY LIMITED PARTNERSHIP, a Nebraska Limited Partnership, and Brook Valley II, Ltd, a Nebraska Limited Partnership, Appellees, v. MUTUAL OF OMAHA BANK, Formerly Known as Nebraska State Bank of Omaha, a State Banking Institution, and Omaha Financial Holdings, Inc., a Nebraska Corporation, Successor to Midlands Financial Services, Inc., a Nebraska Corporation, Appellants.

Supreme Court of Nebraska.

February 1, 2013.

Attorney(s) appearing for the Case

Thomas J. Culhane and Patrick R. Guinan , of Erickson & Sederstrom, P.C., L.L.O., Omaha, for appellants.

Michael J. Mooney , of Gross & Welch, P.C., L.L.O., Omaha, for appellees.

WRIGHT, CONNOLLY, McCORMACK, and MILLER-LERMAN, JJ., and SIEVERS, Judge.

CONNOLLY, J.

I. SUMMARY

Prime Realty, Inc. (Prime), acted as general partner for two limited partnerships, Brook Valley Limited Partnership (BVLP) and Brook Valley II, LTD (BVII) (collectively the partnerships). Unbeknownst to the partnerships' limited partners, Prime took out two loans from Nebraska State Bank of Omaha (the Bank) and, by deed of trust, secured the loans with the partnerships' property. The Bank ultimately sold the collateral and applied...

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