(DOWNLOAD) "Mark Twain Kansas City Bank v. Cates" by Supreme Court of Kansas " Book PDF Kindle ePub Free
eBook details
- Title: Mark Twain Kansas City Bank v. Cates
- Author : Supreme Court of Kansas
- Release Date : January 10, 1991
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
The opinion of the court was delivered by Daniel J. Cates and Juhree R. Cates defaulted on a $600,000
note for a business loan obtained from Mark Twain Kansas City
Bank (Bank), a Missouri bank. The Bank instituted foreclosure
proceedings on the mortgage the Bank held on the Cates' home in
Kansas. The Bank claims that a future advance clause in a prior
$200,000 mortgage secured the subsequent $600,000 loan it had
made to the Cates. The Cates counterclaimed against the Bank. The
Bank moved for partial summary judgment. The Cates also moved for
partial summary judgment, claiming the mortgage only secured the
Bank's $200,000 note, which had been discharged. The district
court found (1) under the terms of the mortgage contract, the
mortgage is to be construed according to Missouri law and the
foreclosure lien created by the mortgage is to be governed by
Kansas law; (2) the amount secured by the mortgage was limited to
$200,000; and (3) the mortgage did not secure the Bank's
subsequent $600,000 loan to the Cates. The district court granted
partial summary judgment to the Cates and dismissed the Bank's
foreclosure action. The Bank appealed, and the case was
transferred to this court pursuant to K.S.A. 20-3018(c). This case arose from a series of financial transactions between
the parties. From 1986 until 1988 the Bank loaned the Cates
$1,300,000 to finance the construction of their home and a
business investment.
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