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Contracts Keyed to Murphy
Equitable Life Assurance Society of the United States v. First National Bank
Facts
The Olson’s owned a ranch. They had two mortgages on it, one for $1,250,000.00 with Equitable the other with First National Bank (FNB) for $870,000.00. The Olson’s defaulted on both mortgages and Equitable was adjudicated superior. Equitable took the necessary steps to have a sheriff’s sale. The day before the sale, Equitable and FNB entered into an agreement in which FNB would purchase Equitable’s interest in the land for $1,300,000.00. They completed the deal on the morning of the auction. Equitable’s attorney tried twice to reach the Sheriff to tell him to cancel the sale but could not reach him. He finally did reach the Sheriff after the bidding had already started. At the request of two of the bidders, the sheriff kept the bidding going until Carl Matthews won the bid at 1,800,000.00.
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