Montana News

Nebraska bank seeks foreclosure of ranch near Melrose

Posted: Apr 1, 2010 8:55 PM
Updated: Apr 1, 2010 8:55 PM

BUTTE, Mont. (AP) - A Nebraska bank is seeking a foreclosure order against an upscale time share and vacation home development for the outdoorsman along the Big Hole River near Melrose.

Community Bank of Lincoln filed a lawsuit in District Court in Butte last week against the Meriwether Ranch Land and Cattle Co.

The bank says it loaned $3.8 million to Meriwether in June 2008 and that co-defendants Hal Anderson, Geoffrey Basler and David Ellingson gave personal guarantees on repayment.

A year later, the loan agreement was restructured, but the bank says Meriwether missed a $300,000 payment in September 2009. The bank says the ranch owes more than $4 million.

Community Bank wants ranch property in Beaverhead and Silver Bow counties to be foreclosed upon and sold at a sheriff's sale to help satisfy the debt.

Ellingson declined comment on the lawsuit as did a woman who answered the phone at the ranch Thursday.