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IOWA GRAIN v. FARMERS GRAIN AND FEED CO., INC.

No. 63156.

293 N.W.2d 22 (1980)

IOWA GRAIN, Appellant, v. FARMERS GRAIN AND FEED COMPANY, INC., and Glen Staley, Appellees.

Supreme Court of Iowa.

June 18, 1980.

Attorney(s) appearing for the Case

Philip M. Bloom Ltd., Chicago, Ill., and Philip S. Deats of Whitesell Law Firm, Iowa Falls, for appellant.

Richard G. Santi of Ahlers, Cooney, Dorweiler, Haynie & Smith, Des Moines, G. A. Cady of Hobson, Cady & Drew, Hampton, and M. Van Smith, Palo Alto, Cal., for appellees Farmers Grain & Feed Co., Inc., and Glen Staley.

Considered by REYNOLDSON, C. J., and REES, McCORMICK, McGIVERIN, and LARSON, JJ.

McCORMICK, Justice.

This appeal concerns obligations of a broker and customer in relation to a commodity futures trading account. The action was brought by plaintiff Iowa Grain, a brokerage firm, to collect an alleged debit balance owed by defendant Farmers Grain and Feed Company, Inc. ("Farmers"), the customer. Farmers defended and counterclaimed on the ground of Iowa Grain's alleged prior breach of contract in failing to close the account at a time when Farmers...

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