Dickinson State Bank v. Ogden

On Motion for Re-hearing

COLEMAN, Chief Justice.

This suit arises from the breach of a construction contract wherein Alan Thayer, doing business as John Thayer Construction Company, Inc., (Thayer) agreed to build a home for John and Carol Ogden (Ogdens) on property they owned for an ultimate price of $89,380. To finance the construction of the home, Thayer received an interim loan of $66,000 from appellant, Dickinson State Bank (Bank), giving his note therefor. As security for his loan, Thayer pledged a mechanic’s lien contract with power of sale and the $66,000 note.

Thayer abandoned the job…