01-1590, 01-1591 Mitchell Bank v. Schanke

By: dmc-admin//September 3, 2002//

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Defendant obtained a judgment against the original mortgagors and executed on the judgment, becoming the successful bidder on the non-homestead mortgaged premises. The bank (which may have lost the note in a flood) attempted to foreclose defendant’s interest, relying on the dragnet provision to extend the mortgage security interest to debts other than that referenced in the mortgage.

We affirm the judgment and order dismissing the bank’s foreclosure complaint and the judgment in favor of defendant invalidating the bank’s mortgage lien.

Affirmed.

Recommended for publication in the official reports.

Dist II, Waukesha County, Foster, J., Snyder, J.

Attorneys:

For Appellant: Hugh R. Braun, Milwaukee; Jeffrey L. Janik, Milwaukee

For Respondent: Joseph J. Welcenbach, Milwaukee; Scott V. Lowry, Waukesha; David A. Lange, Madison

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