Plains Commerce Bank, Inc. v. Beck
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The Supreme Court affirmed in part and reversed in part the judgment of the circuit court granting summary judgment concluding that Plains Commerce Bank could not foreclose on certain trust real estate, that the trustee's mortgage on trust real estate was void and unenforceable, and that Plaintiff was entitled to attorney fees, holding that the attorney fee award was an abuse of discretion.
Garry and Betty Beck treated an irrevocable spendthrift trust naming their three children as secondary beneficiaries. Their child Matthew Beck took out a substantial personal loan with Plains Commerce and granted a mortgage to the bank on trust real estate as partial collateral. When Matthew defaulted on the loan, Plains Commerce brought a foreclosure action against Matthew in his capacity as trustee. Jamie Moeckly intervened on behalf of the trust. The circuit court granted summary judgment for Jamie and further granted her motion for attorney fees. The Supreme Court reversed in part, holding (1) the circuit court erred in awarding attorney fees to Jamie as intervenor for the trust; and (2) because there was no mortgage foreclosure the statutory provision in S.D. Codified Laws 15-17-38 authorizing attorney fees "on foreclosure" did not apply.
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