(Download) "Raymond J. Ulrich and Mildred E. Ulrich v." by Court of Appeals of Michigan # eBook PDF Kindle ePub Free
eBook details
- Title: Raymond J. Ulrich and Mildred E. Ulrich v.
- Author : Court of Appeals of Michigan
- Release Date : January 30, 1991
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
Plaintiffs appeal as of right from an order that granted summary Disposition to defendants pursuant to MCR 2.116(C)(8). We
affirm. Plaintiffs were dairy farmers in Huron County. Defendant Federal Land Bank of St. Paul (FLB) is a federally chartered corporation
that makes long-term loans to farmers and ranchers. Applications for loans from the federal land bank are made through local
federal land bank associations, such as defendant Federal Land Bank Association of Bad Axe-Caro in this case. In May 1980,
plaintiffs borrowed $220,000 from FLB and secured the note by granting a mortgage on their farm to FLB. The loan was apparently
used to pay off other debts and to finance operations. Sometime in 1984, plaintiffs ceased making payments on the note. Flb
later foreclosed on the mortgage and plaintiffs' farm was purchased by FLB at a sheriff's sale. Plaintiffs were unable to
exercise their right of redemption within one year and were eventually evicted. In September 1986, plaintiffs filed a complaint
against defendants, alleging that the foreclosure was invalid and pleading theories of breach of fiduciary duty, breach of
an implied covenant of good faith and fair dealing, breach of contract, and negligence. Summary Disposition was granted to
defendants on all these claims.