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FIRST NAT. BANK OF BERESFORD v. NELSON

No. 13410.

323 N.W.2d 879 (1982)

FIRST NATIONAL BANK OF BERESFORD, Plaintiff and Appellant, v. Elden NELSON, Defendant, and ERD, Inc., a Corporation, Defendant and Appellee.

Supreme Court of South Dakota.

Decided September 1, 1982.

Attorney(s) appearing for the Case

Gale Fisher, Sioux Falls, for plaintiff and appellant.

John E. Burke, Sioux Falls, for defendant and appellee.

WOLLMAN, Chief Justice.

Elden Nelson is a Union County farmer. He and his sons Robert and David are the sole stockholders, directors, and officers in ERD, a family farming corporation. Elden Nelson's son Elwood Nelson (Woody Nelson) had an interest in an insurance agency in Sioux Falls during all times material to this lawsuit.

In March of 1978, Woody Nelson was indebted to Bank in the sum of $111,000, the indebtedness being represented by four separate promissory...

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