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ROCK RAPIDS STATE BANK v. GRAY

No. 84-990.

366 N.W.2d 570 (1985)

ROCK RAPIDS STATE BANK, Appellee, v. James V. GRAY and Ruth K. Gray, Appellants.

Supreme Court of Iowa.

April 17, 1985.

Attorney(s) appearing for the Case

Lloyd W. Bierma of Oostra, Bierma & Schouten, Sioux Center, for appellants.

James E. Haberkorn of Riter, Austin & Haberkorn, Rock Rapids, for appellee.

Considered by UHLENHOPP, P.J., and McCORMICK, SCHULTZ, CARTER, and WOLLE, JJ.

McCORMICK, Justice.

When repossessed collateral "threatens to decline speedily in value," a secured party is excused from giving the debtor notice of an intended sale. Iowa Code § 554.9504(3) (1983). After selling collateral provided by defendants James V. Gray and Ruth K. Gray without notice, plaintiff Rock Rapids State Bank brought the present action for deficiency judgment against them. In excusing the bank's failure to give notice, the trial court found the...

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