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CHISUM v. KELLY

No. 3234.

574 P.2d 1277 (1978)

Finis Lavell CHISUM and Lura Mae Chisum, Appellants, v. Huff KELLY, Loy M. Simpkins, Dale Dage, Jerry Webb, Robert Denton, Clarence L. Jeffers, and Farmers National Bank, of Elk City, Oklahoma, a Foreign Corporation, Appellees.

Supreme Court of Alaska.

February 24, 1978.

Attorney(s) appearing for the Case

George M. Kapolchok and Jesse C. Bell, Atkinson, Conway, Young, Gell & Gagnon, Anchorage, for appellants.

Phillip J. Eide and Michael G. Briggs, Ely, Guess & Rudd, Anchorage, for appellees.

Before BOOCHEVER, Chief Justice, and RABINOWITZ, CONNOR, BURKE and MATTHEWS, Justices.

OPINION

PER CURIAM.

Finis and Lura Chisum mortgaged their property to appellees Simpkins, Dage and Webb as trustees for a group which had guaranteed repayment to a bank of a loan to the Chisums. When the Chisums defaulted on the loan they executed a deed, absolute on its face, in favor of the guarantors. The issue in this case is whether the deed should be reformed and given the effect of an equitable mortgage. The trial court found that the deed was intended...

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