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TOY NAT. BANK OF SIOUX CITY v. McGARR

No. 62794.

286 N.W.2d 376 (1979)

The TOY NATIONAL BANK OF SIOUX CITY, a corporation, Appellee, v. Wanda McGARR, Appellant, and Herbert C. McGarr; First Federal Savings & Loan Association of Sioux City; State of Iowa; and the United States of America, Defendants.

Supreme Court of Iowa.

December 19, 1979.

Attorney(s) appearing for the Case

Wilford M. Forker of Forker & Kanter, Sioux City, for appellant.

A. Frank Baron and Randy S. Hisey of Baron & Wenell, Sioux City, for appellee.

Considered by LeGRAND, P. J., and REES, UHLENHOPP, ALLBEE and LARSON, JJ.

LARSON, Justice.

This is an appeal by defendant Wanda McGarr from a judgment of foreclosure of a mortgage on the family residence owned by her and her husband, Herbert McGarr. The defense raised in the trial court was that the security interest was subject to rescission by the borrower for failure of the bank to comply with the federal Truth-in-Lending Act. The trial court ruled that the federal act did not cover this security interest because it was entered into...

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