First Federal Savings & Loan Ass'n v. Brown

Each of these cases involves a federally chartered savings and loan association seeking to enforce a due-on-sale clause in a mortgage. This clause allows a savings and loan to declare immediately due and payable all sums secured by the association’s security instrument if the borrower transfers or sells all or any part of the real property securing the loan without the association’s prior written consent. 12 C.F.R. § 545.8-3(f) (1982). In each case, a mortgagor seeks to transfer his property without the prior approval of the savings and loan. We have consolidated these actions upon our own…