Equitable Life Assurance Society of the United States v. First National Bank

GILBERTSON, Justice.

[¶ 1.] Equitable Life Assurance Society of the United States (Equitable), Fred H. Olson and Jennifer E. Olson (Olsons), and First National Bank (FNB) separately appealed an order confirming the sheriffs sale of mortgaged real estate. The sale had been conducted pursuant to a judgment of foreclosure on the property. The matters were consolidated in this appeal. We reverse.

FACTS AND PROCEDURE

[¶ 2.] The Olsons owned ranch land in Stanley and Jones counties in central South Dakota. In 1995, the Olsons borrowed $1,250,000 from Equitable, securing the promissory note with a…