Federal Land Bank of Saint Paul v. Thomas

GIERKE, Justice.

This is an appeal by Eugene J. and Monica M. Thomas [the Thomases] from the judgment and decree of foreclosure of the district court on lands located in Morton County. The original note and mortgage were given by the Thomases to the Federal Land Bank of Saint Paul [Federal Land Bank] on December 11, 1974, in the amount of $110,000. On May 20, 1985, the unpaid principal and interest on the note and mortgage was $145,398.25. We reverse and remand.

The Thomases operated a dairy farm until November 1984. This farm had been operated by the Thomas family for three generations. Prior…