[DOWNLOAD] "Glenn B. Lake and Susan K. Lake v." by Supreme Court of Idaho No. 14119 # Book PDF Kindle ePub Free

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eBook details

• Title: Glenn B. Lake and Susan K. Lake v.
• Author : Supreme Court of Idaho No. 14119
• Release Date : January 02, 1983
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 71 KB

Description

In 1979, Glenn B. and Susan K. Lake purchased a home from an owner who had borrowed money from Equitable Savings. As security for the loan, the previous owners, Martha K. and James M. Norfleet, had given Equitable Savings a Deed of Trust containing a due-on-sale clause, a contractual provision that permits the lender to declare the entire balance of a loan immediately due and payable if the property securing the loan is sold or otherwise transferred. The contract in question contained a clause that stated that Equitable would consent to a transfer if the purchasing party agreed to increase the interest rate two percentage points.[Footnote 1] The Lakes wanted to assume this loan but, when notified of the transfer, Equitable Savings gave notice of its intent to enforce the due-on-sale clause. Equitable Savings expressed a willingness to consent to the transfer, however, if the Lakes agreed to increase the interest rate on the loan secured by the property from 9 1/2 percent to 11 1/2 percent as set forth in the agreement. The Lakes agreed under protest to pay the increase in interest rate and then brought a declaratory judgment action seeking a declaration that the due-on-sale clause was an unreasonable restraint on the alienation of the property and against public policy. The district court found otherwise and this appeal followed.

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