TAILIEUCHUNG - COURT OF APPEALS DECISION DATED AND RELEASED

The legal framework regulating the activities of the savings banks had previously remained almost unchanged for 160 the end of the twenti- eth century, however, the reforms of the years 1983, 1991 and 1999 changed it radically within a period of only 16 years and gave the savings bank group a fundamentally new character. Since the reform of 1999, 34 regional savings banks and a national bank of the savings banks have been responsible for running the banking business. The national bank works together with the regional savings banks within a closely linked framework with various responsibilities. The associative tasks are carried out centrally by a national association of the savings banks. In. | COURT OF APPEALS DECISION DATED AND RELEASED NOTICE June 10 1997 A party may file with the Supreme Court a petition to review an adverse decision by the Court of Appeals. See and RULE Stats. This opinion is subject to further editing. If published the official version will appear in the bound volume of the Official Reports. No. 96-3034 STATE OF WISCONSIN IN COURT OF APPEALS DISTRICT III Lyman Lumber of Wisconsin Inc. a Minnesota corporation Plaintiff-Respondent V. First Federal Savings Bank LaCrosse-Madison Defendant-Third Party Plaintiff-Appellant Gjovik Design and Construction Inc. and Jason B. Gjovik Defendants Merle D. Gjovik and County Concrete Corporation third Party Defendants. No. 96-3034 APPEAL from a judgment of the circuit court for Eau Claire County ERIC J. WAHL Judge. Affirmed. Before Cane . LaRocque and Myse JJ. PER CURIAM. In this foreclosure proceeding the dispute concerns the priority of two mortgages. First Federal Savings Bank LaCrosse-Madison appeals a judgment determining that its mortgage is subordinate to the mortgage of Lyman Lumber of Wisconsin Inc. First Federal argues that 1 it is entitled to reformation of its mortgage pursuant to Stats. and 2 the trial court erroneously based its denial of relief on the unauthorized alteration of Lyman s deed and First Federal s mortgage. Because the trial court reasonably exercised its discretion to deny First Federal equitable relief based on its agreement with Lyman Lumber we affirm the judgment. Merle Gjovik and his son Jason Gjovik were building contractors who sometimes operated as a partnership and sometimes as a corporation Gjovik Design and Construction Inc. Merle approached Lyman a lumberyard which owned a vacant residential lot for the purpose of building a spec house to show in a local Parade of Homes. Lyman agreed to sell the lot for 9 000 and furnish construction materials worth 18 000. Lyman also agreed to finance the lot and materials for six months interest free

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