Fidelity Bank v. King

Pierron, J.:

This case involves sale proceeds remaining after a sheriff s sale and payment of a first mortgage judgment. U.S. Bank, N.A., (U.S. Bank) appeals the district court’s decision to distribute the remaining proceeds to River City Enterprises, L.L.C., (River City) after payment of Fidelity Bank’s first mortgage. U.S. Bank argues it should have received the proceeds as second mortgage holder instead of River City as holder of the owner’s right of redemption. We affirm.

The facts of this case are undisputed. In 1997, James and Carolyn King assumed the debt and obligations for real estate…