First Dakota National Bank v. Graham

KERN, Justice.

[¶ 1.] In this contract action, the lender seeks to enforce separate commercial guaranties against the individual guarantors. The guaranties were executed to secure the indebtedness of the borrower. The guarantors moved for summary judgment, claiming that the guaranties were unenforceable because no indebtedness existed after the lender bought the mortgaged property at a foreclosure sale for the full amount and extinguished the borrower’s obligation. The circuit court agreed and granted the guarantors summary judgment. We affirm.

BACKGROUND

[¶ 2.] Huron Hospitality II, LLC owned…