CLINTON FED. S. & L. v. IOWA-DES MOINES NAT.

No. 84-1875.

391 N.W.2d 712 (1986)

CLINTON FEDERAL SAVINGS & LOAN ASSOCIATION, Pioneer Federal Savings & Loan Association, Mississippi Valley Savings & Loan Association, Peoples Savings & Loan Association, Independence Federal Savings & Loan Association, First Federal Savings & Loan Association of Carroll, and Northwest Federal Savings & Loan Association of Spencer, Plaintiffs-Appellants, v. IOWA-DES MOINES NATIONAL BANK, n/k/a Norwest Bank Des Moines National Association, Defendant-Appellee.

Court of Appeals of Iowa.

June 4, 1986.


Attorney(s) appearing for the Case

Craig D. Warner and Robert A. Engberg of Aspelmeier, Fisch, Power, Warner & Engberg, Burlington, for plaintiffs-appellants.

Ross H. Sidney, Mark J. Weidenfeld and Patrick J. McNulty of Grefe & Sidney, Des Moines, for defendant-appellee.

Heard by DONIELSON, P.J., and SNELL and HAYDEN, JJ.


DONIELSON, Presiding Judge.

Plaintiffs, seven savings and loan institutions, appeal from an adverse final judgment granted to defendant bank by the trial court pursuant to a participation agreement entered into by the parties in connection with the extension of construction financing for a hotel project.

In 1973, the developer-borrower began seeking financing for a hotel project to be located in West Des Moines, Iowa, near Interstate 80. After an unsuccessful...

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