Unlawful “credit or checkbook money”

December 3, 2012

  • 69 Cancellation of Instruments
  • 69II Proceedings and Relief
  • 69k36 Pleading
  • 69k37 Bill, Complaint, or Petition
  • 69k37(6) k. Fraud in General.

69 CANCELLATION OF INSTRUMENTSMortgagors who alleged that mortgagee fraudulently agreed to loan them money because only part of loan was in legal tender and the remaining sum consisted of invalid unlawful “credit or checkbook money” and that they were entitled to repay only amount received in legal tender and to have mortgage on note declared null and void stated no claim upon which relief could be granted, especially when they admitted that they were able to purchase a farm with the loan proceeds.
Albrecht v. First Federal Sav. and Loan Ass’n of Grand Forks and Minot, 372 N.W.2d 893