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FEDERAL DEPOSIT INS. CORP. v. OEHLERT

No. 2-57794.

252 N.W.2d 728 (1977)

FEDERAL DEPOSIT INSURANCE CORPORATION, Receiver of State Bank of Prairie City, Prairie City, Iowa, Appellant, v. Robert OEHLERT, Appellee.

Supreme Court of Iowa.

April 20, 1977.

Attorney(s) appearing for the Case

Korf, Diehl, Clayton & Cleverly, by John N. Diehl, Ben C. Clayton, and R. Eugene Knopf, Newton, for appellant.

Bertroche, Watson & Swanson and Robert L. Oeth, Des Moines, for appellee.

Heard by MOORE, C. J., and MASON, UHLENHOPP, HARRIS and McCORMICK, JJ.

UHLENHOPP, Justice.

This appeal involves the liability to the Federal Deposit Insurance Corporation (FDIC) of a person on his promises to pay loans by a bank to borrowers who had already borrowed to their limits.

Eugene Schneider owned two truck lines called Payne and United, which were corporations. He and the truck lines had borrowed from State Bank of Prairie City to their limits but needed still additional funds. The idea was conceived of selling debentures...

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