From our private database of 14,100+ case briefs...
Equitable Life Assurance Society of the United States v. First National Bank
South Dakota Supreme Court
602 N.W.2d 291 (1999)
The Olsons owned property subject to two mortgages. The first mortgage was for $1,250,000, payable to Equitable Life Assurance Society of the United States (Equitable) (plaintiff). The second was for $870,000, payable to First National Bank (FNB) (defendant). The Olsons defaulted on both loans, and Equitable obtained a foreclosure judgment for $1,212,500, the superior lien. The property was ordered to be sold by the Sherriff at a public auction according to South Dakota law at 11:05am on October 15, 1998. On October 14, 1998, Equitable and FNB entered into an agreement where FNB would purchase Equitable’s interest in the property for $1,300,000. FNB wired the funds to Equitable. Before receiving the funds, Equitable’s attorney, Brian Hagg, told the Sheriff he was “95 percent sure” the sale would be called off. Hagg said he would personally inform the sheriff when Equitable received the funds from FNB. Equitable did not receive confirmation of the funds until the following morning, the date of the scheduled sale. Hagg tried to call the Sheriff between 10:00am and 10:30am, but could not reach anyone because the telephone line was busy. The Sheriff commenced the sale at 11:05am. Hagg called again and reached the Deputy Sheriff at 11:15am. He was informed the sale already began. Hagg told the Deputy that the sale should stop as Equitable had been paid and the mortgage was already assigned to FNB. Hagg communicated this directly to the Sheriff at 11:30am. Despite this information, the Sheriff continued the sale and sold the property to Carl Mathews for $1,810,000. Hagg petitioned the circuit court for review. The circuit court upheld the public auction sale. Equitable, FNB, and the Olsons appealed.
Rule of Law
Holding and Reasoning (Gilbertson, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 220,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.