Farmers Production Credit Ass'n v. McFarland

SCHULTZ, Justice.

In this appeal a mortgagors’ assignee and a junior mortgage lienholder compete for final redemption rights in a senior mortgagee’s foreclosure action. Daniel and Linda McFarland (mortgagors) owned real estate that was subject to two mortgages. On June 9, 1983, the junior mortgage-holder, Production Credit Association (PCA), filed an action to foreclose its mortgage. Shortly thereafter, the senior mortgage-holder, American Federal Savings & Loan Association (AFS), filed a separate foreclosure action against the McFarlands naming PCA as a junior lienholder and party defendant.…