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FARMERS PRODUCTION CREDIT ASS'N v. McFARLAND

No. 84-1807.

374 N.W.2d 654 (1985)

FARMERS PRODUCTION CREDIT ASSOCIATION, Appellee, v. Daniel L. McFARLAND and Linda K. McFarland, Appellants, and Dorothy L. McFarland, Intervenor-Appellant.

Supreme Court of Iowa.

Rehearing Denied October 16, 1985.

Attorney(s) appearing for the Case

Stephen J. Rapp, Waterloo, for appellants.

Marilyn S. Scheer and David J. Darrell, of Davis, Hockenberg, Wine, Brown & Koehn, Des Moines, for appellee.

Considered en banc.

SCHULTZ, Justice.

In this appeal a mortgagors' assignee and a junior mortgage lienholder compete for final redemption rights in a senior mortgagee's foreclosure action. Daniel and Linda McFarland (mortgagors) owned real estate that was subject to two mortgages. On June 9, 1983, the junior mortgage-holder, Production Credit Association (PCA), filed an action to foreclose its mortgage. Shortly thereafter, the senior mortgage-holder, American Federal Savings & Loan...

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