Standard Federal Savings Bank v. H & W Builders

Finney, Acting Chief Justice:

Appellants appeal the special referee’s ruling that appellants lacked standing to invoke the appraisal statute in this foreclosure action. We reverse.

FACTS

Standard Federal Savings Bank brought a foreclosure action against H & W Builders, Ruth Norman as Trustee of the T.H. Maxwell, Jr. Trust (Norman), Joel Harrison, Luween Harrison, L & W Wholesale, Inc., (L & W), Larry Redd, Allen Fortner and the United States of America. Standard Federal held a first mortgage and Norman held a second mortgage on *26the same property.1 Norman filed a cross-complaint against H & W…