Oliver-Mercer Electric Cooperative, Inc. v. Davis

VANDE WALLE, Chief Justice.

[¶ 1] AquaConcept Technologies, Inc., Richard D. Davis, III, Joseph Hauer, and Berkley Strothman (“AquaConcept”) appealed from a final judgment granting a deficiency judgment to Oliver-Mercer Electric Cooperative (“the Cooperative”). We reverse and remand with directions to enter an order denying a deficiency judgment.

I

[¶ 2] The underlying facts of the case are undisputed:

AquaConcept borrowed 1.8 million dollars from the Cooperative to purchase Fish N’ Dakota, a fish farm. The loan was documented by a promissory note and was secured by a mortgage and security…