First State Bank of New Rockford v. Anderson

GIERKE, Justice.

Warren Anderson and Fay Larson have appealed from a district court judgment 1 awarding a deficiency judgment to First State Bank of New Rockford. We reverse.

In 1984 Anderson and Larson executed a promissory note for $70,000 and gave First State Bank a mortgage on two hundred acres of land. 2 The mortgage was prepared by First State Bank on a standard Short-Term Mortgage Redemption Act form which contained the following provision: “The parties hereto agree that the provisions of the Short Term Mortgage Redemption Act shall govern this mortgage.” In 1987, First State Bank…