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STATE EX REL. TURNER v. FIRST OF OMAHA SERV.

No. 61053.

269 N.W.2d 409 (1978)

STATE of Iowa ex rel. Richard C. TURNER, Attorney General, Appellant, v. FIRST OF OMAHA SERVICE CORPORATION OF OMAHA, Nebraska d/b/a Bank Americard, and Central National Bank & Trust Company, Des Moines, Iowa, Appellees.

Supreme Court of Iowa.

August 30, 1978.

Attorney(s) appearing for the Case

Richard C. Turner, Atty. Gen., and Julian B. Garrett, Asst. Atty. Gen., for appellant.

William E. Morrow, Jr., of Swarr, May, Smith & Andersen, Omaha, Neb., and David A. Scott, of Davis, Scott & Grace, Des Moines, for appellee First of Omaha Service Corp.

Kenneth L. Butters, of Stewart, Heartney, Brodsky, Thornton & Harvey, Des Moines, for appellee Central Nat. Bank & Trust Co.

Considered en banc.

MASON, Justice (By special assignment).

The principal issue presented for review in this appeal is whether the trial court was correct in holding that on the basis of the National Bank Act, 12 U.S.C., section 85, a national bank located in Omaha, Nebraska, may legally charge rates of interest allowed by the laws of Nebraska on loans made to Iowa residents, even though such rates are in excess of the amounts allowed under Iowa law.

12 U.S.C., section 85, in...

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