First Federal Savings & Loan Ass'n of Sioux Falls v. Dardanella Financial Corp.

MYDLAND, Circuit Judge.

This is an appeal from that portion of a summary judgment of a real estate foreclosure which granted the mortgagee interest at the rate of 18 percent on the sum any redemptioner would be required to pay to redeem the real property foreclosed. We reverse.

Dardanella Financial Corporation (Darda-nella) and Lee 0. Rensberger executed a promissory note to the First Federal Savings and Loan Association of Sioux Falls (First Federal) dated January 23, 1979, in the sum of $1,200,000.00 with interest at the rate of 12 percent per annum. On the same date, Dardanella executed a…