CIT Group/Equipment Financing, Inc. v. Travelers Insurance Co.

MESCHKE, Justice.

The CIT Group/Equipment Financing, Inc., formerly known as C.I.T. Corporation (CIT), a judgment creditor of the mortgagors, appeals from a summary judgment dismissing its action against The Travelers Indemnity Company and The Travelers Insurance Company, the first and second mortgagees. CIT seeks to recover $68,860 in farmland rentals paid to the second mortgagee during the year of redemption after foreclosure of the first mortgage. We affirm.

Freddie and Marlys Mutschler farmed land in Stutsman, Barnes, Griggs and Pem-bina counties. In 1976, they borrowed $1,500,000 from…