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Contracts Keyed to Marshall
Moe v. John Deere Co.
Citation:
516 N.W.2d 332 (1994)Facts
On September 29, 1983, Moe bought a farm tractor from Day County Equipment in South Dakota. He purchased a John Deere D8850 for a cash price of $121,268.00. In financing the transaction, Moe traded in two old tractors for the amount of $77,543.00 and agreed to pay the $59,802.40 difference in five equal installments of $11,960.48 each due on October 1st for the years 1984, 1985, 1986, 1987 and 1988. Moe was two months late in paying his first installment. Rather than paying $11,960.48 on October 1, 1984, Moe paid $12,212.87 on December 3, 1984. On October 1, 1985, Moe was again unable to timely pay his second installment. Moe, who was in Oklahoma at the time of repossession, did not receive any notice from Deere’s representative that the tractor was going to be repossessed because his payments were delinquent. Deere reassigned Moe’s contract to Implement following the repossession. Implement sold the tractor on August 19, 1986 for $44,000.00. Implement paid Deere in full on the contract and applied the proceeds to the debt and turned over the excess proceeds to Moe’s lender.
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