Van Valkenburg Moss & Flaherty v. Buffalo National Bank

Plaintiff appeals from the judgment of the district court. We affirm.

Plaintiff, a Minnesota professional corporation, brought this action as assignee of Warren and Lenotine Erickson. In 1964, the Ericksons, as mortgagors, had entered into a mortgage agreement with defendant as mortgagee. In connection with this mortgage, the Ericksons signed a promissory note for $15,000. Defendant paid $6,549 of the proceeds to one Earl M. Campbell, who had been the only person to deal with defendant in arranging the mortgage. The Ericksons never brought an action in their own name against defendant alleging…