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SCHMIDT v. IOWA BEEF PROCESSORS, INC.

No. 14335.

347 N.W.2d 897 (1984)

Stanley SCHMIDT, Plaintiff and Appellee, v. IOWA BEEF PROCESSORS, INC., A Corporation, Defendant, Third-Party Plaintiff and Appellant, v. Larry RYKEN, d/b/a Yankton Livestock Market and Daniel J. Lammers, Third-Party Defendants.

Supreme Court of South Dakota.

Decided May 2, 1984.

Attorney(s) appearing for the Case

Robert W. Hirsch of Goetz, Hirsch & Klimisch, Yankton, for plaintiff and appellee.

Gary P. Thimsen of Woods, Fuller, Shultz & Smith, P.C., Sioux Falls, for defendant, third-party plaintiff and appellant.

ANDERSON, Circuit Judge.

Forty-six head of livestock were purchased by the defendant and appellant, Iowa Beef Processors, Inc., (IBP) on August 26, 1981. The purchase price was sent to third-party defendant Ryken. Shortly hereafter, and after plaintiff-appellee (Schmidt) had demanded the funds, IBP deducted the purchase price of the August 26, 1981, transaction from separate funds which IBP owed the third-party defendants. Schmidt quickly brought suit against IBP...

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