Bracewell, et al. v. U.S. Bank Nat'l Assoc., No. 13-1164 (8th Cir. 2014)
Annotate this CasePlaintiffs filed suit against the Bank seeking to void a mortgage foreclosure sale of their home. Plaintiffs alleged that the Bank represented orally that it would postpone the foreclosure sale, but then proceeded to foreclose anyway. The court concluded that plaintiffs' claim of negligent misrepresentation was barred by the Minnesota Credit Agreement Status, Minn. Stat. 513.33, where any party asserting the existence of a credit agreement must comply with the writing and signature requirements of section 513.33. The court concluded that the complaint alleged a claim of promissory estoppel, rather than equitable estoppel, and was barred by the Minnesota Credit Agreement Statute. Accordingly, the court affirmed the district court's grant of the Bank's motion to dismiss.
Court Description: Civil case - Mortgage law. In action alleging defendant bank made an oral representation that it wold postpone the foreclosure sale of plaintiffs' home and then proceeded to foreclose, plaintiffs' claims for negligent misrepresentation was foreclosed by Minnesota's Credit Agreement Statute which prohibits enforcement of an oral promise to postpone a foreclosure sale; second count of plaintiffs' complaint did not really seek equitable estoppel and was, instead, another prohibited attempt to enforce the bank's oral promise.
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