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HOME BLDG. & LOAN ASS'N v. PERPETUAL SAV. & LOAN

No. 13953.

338 N.W.2d 456 (1983)

HOME BUILDING & LOAN ASSOCIATION, a South Dakota corporation, Plaintiff and Appellant, v. PERPETUAL SAVINGS & LOAN ASSOCIATION OF RAPID CITY, SOUTH DAKOTA, Defendant and Appellee.

Supreme Court of South Dakota.

Decided September 21, 1983.

Attorney(s) appearing for the Case

Charles B. Kornmann of Richardson, Groseclose, Kornmann, Wyly, Wise & Klinkel, Aberdeen, for plaintiff and appellant; Ann C. Jones of Banks & Johnson, Rapid City, on brief.

Thomas W. Stanton of Costello, Porter, Hill, Nelson, Heisterkamp & Bushnell, Rapid City, for defendant and appellee.

MORGAN, Justice.

This appeal arises from an action for breach of contract filed by Home Building & Loan Association, appellant (Home Building), against Perpetual Savings & Loan Association, appellee (Perpetual). Perpetual counterclaimed for rescission of the contract and the trial court held the contract was rescinded. Home Building appeals and we affirm.

On March 30, 1978, Tom Aman (Aman) and attorney Dennis Maloney (Maloney), stockholders and directors...

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