[Download] "First State Bank V. Muzio" by New Mexico Supreme Court ~ Book PDF Kindle ePub Free
eBook details
- Title: First State Bank V. Muzio
- Author : New Mexico Supreme Court
- Release Date : January 15, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
First State Bank brought an action against Edward Muzio seeking judgment on a $9,500.00 promissory note for which he was guarantor. After Muzio failed to appear and defend the action, the trial court entered a default judgment against him for the amount of the note plus interest. In a subsequent foreclosure action, First State Bank obtained a creditor's lien against real property owned by Muzio and his wife. Thereafter, Muzios requested the trial court to find that they were entitled to the statutory homestead exemption and priorities for the collection of debts under the Community Property Act, N.M.S.A. 1978, Sections 40-3-6 through 40-3-17. The trial court found that those issues were res judicata on the ground that they were not raised in the prior default judgment action. Additionally, the trial court found that any right to raise those issues was waived by Muzios under the terms of the guaranty agreement. The trial court, therefore, entered judgment of foreclosure against Muzios. Muzios now appeal this judgment.
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