4201 2nd Ave W v. First State Bank & Trust

Citations

• 987 N.W.2d 658
• 2023 ND 43

Syllabus

Secured creditors may recover on a debt by proceeding against all collateral in a single action or by proceeding against personal property after foreclosing a real property mortgage securing the same debt. An existing lien on collateral, when acknowledged by a subsequent party taking an interest in that collateral, will remain foreclosable by the secured party maintaining the lien. Privity exists when one is so identified in interest with another that the person represents the same legal right. The plain language of a contract is used to determine the parties' intent.