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SCHEMMEL v. STATE BANK OF PENNOCK

Nos. C8-87-383, CX-87-384.

408 N.W.2d 698 (1987)

Pat SCHEMMEL, et al., Appellants, v. STATE BANK OF PENNOCK, Respondent. and LaVerne WILKE, et al., Appellants, v. STATE BANK OF PENNOCK, Respondent.

Court of Appeals of Minnesota.

July 7, 1987.

Attorney(s) appearing for the Case

C. David Nelson, Nelson and Obenland, Glenwood, for appellants.

Donald M. Spilseth, Anderson, Burgett & Spilseth, Willmar, for respondent.

Heard, considered and decided by POPOVICH, C.J., and PARKER, and FORSBERG, JJ.

OPINION

POPOVICH, Chief Judge.

These appeals are from summary judgments dismissing with prejudice appellants' causes of action alleging usurious interest rates on agricultural loans. Appellants claim the trial court erred because (1) federal usury statutes preempt Minnesota usury statutes and the most favored lender doctrine, (2) the most favored lender doctrine does not apply to agricultural loans, and (3) most favored lenders must comply with the lending...

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