Gate City Federal Savings & Loan Association v. O'Connor
Minnesota Court of Appeals
410 N.W.2d 448 (1987)
North Dakota residents borrowed money from and gave four notes to a North Dakota company, Gate City Federal Savings & Loan Association (Gate City) (plaintiff). The notes were payable in North Dakota, but they were secured by four mortgages on four condominiums in Minnesota. The O’Connors (defendants), North Dakota residents, assumed the loans after executing an agreement in North Dakota. Six years later, the O’Connors defaulted on the loans, and Gate City filed an action in Minnesota to foreclose the mortgages and to recover a deficiency judgment. The O’Connors objected to the deficiency judgment because under North Dakota law, a deficiency judgment cannot be entered until a jury determines the fair market value of the property. Minnesota law had no such requirement. The trial court applied Minnesota law, issued an order of foreclosure, and entered a deficiency judgment. The O’Connors appealed.
Rule of Law
Holding and Reasoning (Nierengarten, J.)
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