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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Federal Land Bank of Saint Paul v. Obermoller, 429 N.W.2d 251 (1988)

Citation
Federal Land Bank of Saint Paul v. Obermoller, 429 N.W.2d 251 (1988)
Parent Document
Federal Land Bank of Saint Paul v. Obermoller, 429 N.W.2d 251 (1988)
Jurisdiction
Minnesota (state)
Effective Date
1988-09-06

Other Sections in This Document (89)

Full Text

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Appellants Larry and Connie Obermoller borrowed $399,000 from the respondent Federal Land Bank of Saint Paul (Bank). As security for the loans, the Obermollers executed two mortgages on farmland they owned. The Obermollers defaulted on the mortgages, the Bank began foreclosure proceedings in February 1986, and a foreclosure sale was scheduled for April 23, 1986. The Obermollers requested mandatory debt mediation under Minnesota’s Farmer-Lender Mediation Act. Although the Bank assumed the mediation act did not apply and proceeded with the April foreclosure sale, the Bank participated in mediation sessions in June and July 1986. The mediation sessions were unsuccessful and the parties failed to reach an agreement.