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VAN DE HEY v. U.S. NATIONAL BANK

E85-2346; CA A43051.

752 P.2d 848 (1988)

90 Or.App. 258

Roche J. VAN DE HEY, Arvilla Van de Hey, Husband and Wife; Roche J. Van de Hey, Trustee of Van de Hey Track Transport Profit Sharing Trust; Roche J. Van de Hey, Trustee of the Van de Hey Track Transport Pension Trust; Roche J. Van de Hey, Trustee of the Van de Hey Track Transport Defined Benefit Pension Plan; Arvilla Van de Hey, Trustee of Van de Hey Track Transport Profit Sharing Trust; Arvilla Van de Hey, Trustee of the Van de Hey Track Transport Pension Trust; and Arvilla Van de Hey, Trustee of the Van de Hey Track Transport Defined Benefit Pension Plan, Appellants. v. United States NATIONAL BANK of Oregon, a National Banking Association, Respondent, v. Van de Hey Track Transport, Inc., an Oregon Corporation, Appellant.

Court of Appeals of Oregon.

Decided April 6, 1988.

Attorney(s) appearing for the Case

Paul D. Clayton, Eugene, argued the cause and filed the briefs for appellants.

Gregory A. Chaimov, Portland, argued the cause for respondent. With him on the brief were Thomas C. Sand and Miller, Nash, Wiener, Hager & Carlsen, Portland.

Before RICHARDSON, P.J., and NEWMAN and DEITS, JJ.

RICHARDSON, Presiding Judge.

Plaintiffs are the principal owners of Van De Hey Track Transport, Inc. (corporation), and they are the trustees of certain employe benefit plans for employee of the corporation. The plans are subject to the Employee Retirement Income Security Act of 1974 (ERISA). 29 U.S.C. § 1001 et seq. Defendant bank made loans to the corporation, which executed and renewed a promissory note in the bank's favor. As part of the loan transaction...

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