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VANDERWEYST v. FIRST STATE BANK OF BENSON

Nos. C4-87-283, C5-87-339, C6-87-379 and C7-87-1184.

425 N.W.2d 803 (1988)

James VANDERWEYST, et al., Petitioners, Appellants, v. FIRST STATE BANK OF BENSON, Respondent. Patrick J. WALSH, et al., Petitioners, Appellants, v. STATE BANK OF PENNOCK, Respondent. Charles HEIMARK, Jr., Petitioner, Appellant, v. NORWEST BANK MONTEVIDEO, Respondent. Joseph J. BANDAS, et al., Petitioners, Appellants, v. CITIZENS STATE BANK OF SILVER LAKE, et al., Petitioners, Respondents.

Supreme Court of Minnesota.

As Amended July 5, 1988.

Attorney(s) appearing for the Case

Scott B. Lundquist, Michael D. Miller, Minneapolis, for appellants in all four cases.

John W. Riches, II, Benson, and Peter B. Stein, Stein & Moore, P.A., St. Paul, for First State Bank of Benson C4-87-283.

Donald M. Spilseth, Willmar, for State Bank of Pennock C5-87-339.

Jerry W. Snider, Calvin L. Litsey, Minneapolis, David Minge, Montevideo, for Norwest Bank of Montevideo C6-87-379.

Reed H. Glawe, Gary W. Koch, New Ulm, for Citizens State Bank of Silver Lake C7-87-1184.

Heard, considered, and decided by the court en banc.

OPINION

SIMONETT, Justice.

The issues in these four appeals are whether federally-insured, state-chartered banks have preemptive most favored lender status under federal law, and, if so, whether under state law their agricultural loans charged a permissible interest rate and were otherwise lawful. We answer these issues, for the most part, yes, but remand in one case on a particular fact issue.

Minn.Stat. § 334.011 (1986) regulates the interest...

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