Schleuter Co., Inc. v. Sevigny

SABERS, Justice.

[¶ 1.] This dispute concerns priority in real property between creditors’ judgment hens and buyer’s unrecorded contract for deed. The trial court held that buyer had a superi- or interest in the property by virtue of mortgagee’s assignment of mortgage. We reverse.

FACTS

[¶ 2.] In 1978, Donald Sevigny d/b/a Sevig-ny Farm Service (Sevigny) erected a building on a small parcel of land in Hoven, South Dakota, from which he operated his business. The Bank of Hoven (Bank) held a first mortgage on this property, which was recorded May 14, 1979 with the Potter County Register of Deeds.…