Federal Land Bank of St. Paul v. Waltz

GIERKE, Justice.

The defendants, Ernest and Olive Waltz (hereafter collectively referred to as Waltzes), appeal from a district court summary judgment dated September 15, 1987, which granted foreclosure of a real estate mortgage held by the plaintiff, Federal Land Bank. We reverse.

On May 16, 1977, Waltzes executed and delivered a note and mortgage to Federal Land Bank in the amount of $400,000.00. The Waltzes subsequently defaulted on the note and mortgage and as a result Federal Land Bank declared the entire indebtedness immediately due and payable. The Waltzes were served with a notice…