George R. Mcneill v. Dakota County State

When a bank sends a letter to a borrower in default, demands payment in full by a deadline date, warns of foreclosure, does not receive payment in full, and does not accept any late payments after the deadline date, the bank is entitled to foreclose and repossess the pledged collateral. Cobb v. Midwest Recovery Bureau, 295 N.W.2d 232 (Minn. 1980) does not preclude repossession under these circumstances. NORTON, Judge In challenging summary judgment, appellants contend that respondent was not entitled to repossess collateral under Cobb v. Midwest Recovery Bureau, 295 N.W.2d 232 (Minn. 1980). Cobb does not apply to this case because the bank did not accept late payment after the deadline set forth in its last demand letter. When McNeill failed to pay as requested, the bank was entitled to repossess the pledged collateral. We affirm.