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U.S. v. JENSEN

No. 86-1465.

418 N.W.2d 65 (1988)

UNITED STATES of America, Plaintiff, v. Elizabeth L. JENSEN, Defendant-Movant.

Supreme Court of Iowa.

January 20, 1988.

Attorney(s) appearing for the Case

John L. Duffy and Richard H. Moeller of Laird, Burington, Heiny, McManigal, Walters & Winga, Mason City, for defendant-movant.

Paul C. Lillios, Asst. U.S. Atty., Cedar Rapids, for plaintiff.

Considered by LARSON, P.J., and CARTER, LAVORATO, NEUMAN, and SNELL, JJ.

LARSON, Justice.

Elizabeth L. Jensen signed a guaranty agreement in connection with a Small Business Administration (SBA) guaranteed loan from the Northwood State Bank of Northwood, Iowa, to Town and Country Motors, a corporation in which Jensen had an interest. The bank took a security interest from Town and Country Motors which covered its accounts receivable, inventory, fixtures, and other business assets. Town and Country defaulted on the loan, and the bank began...

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