Shaw Acquisition Co. v. Bank of Elk River

OPINION

RANDALL, Judge.

Appellant challenges the district court’s order granting respondent’s motion for summary judgment. Appellant argues that the district court erred in concluding that appellant’s foreclosure sale produced a surplus after appellant’s first-priority mortgage was satisfied. Appellant claims that its split-priority junior mortgage must be satisfied also before respondent’s second-position mechanic’s lien gets paid. We affirm.

FACTS

On March 5,1998, appellant Bank of Elk River acquired two mortgages, $105,000 each, and two notes from Allied Mortgage on two properties (North and…