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FOLKERS v. SOUTHWEST LEASING

Nos. 87-629, 87-1077.

431 N.W.2d 177 (1988)

Russell FOLKERS, Plaintiff-Appellee, v. SOUTHWEST LEASING, a Partnership, Southwest Leasing, Inc., as Successor to Southwest Leasing, a Partnership, Roger D. Herman, Defendants-Appellants, LeRoy L. Gray, Defendant-Appellee, Carolyn Gray, Defendant. Russell FOLKERS, Plaintiff-Appellee, v. SOUTHWEST LEASING, a Partnership, Southwest Leasing, Inc., as Successor to Southwest Leasing, a Partnership, Roger D. Herman, Defendants, LeRoy L. Gray, Defendant-Appellant, Carolyn Gray, Defendant.

Court of Appeals of Iowa.

August 24, 1988.

Attorney(s) appearing for the Case

Edward J. Gallagher, Jr. and Cynthia Sherrman of Gallagher, Langlas & Gallagher, P.C., Waterloo, for Southwest Leasing and Roger D. Herman.

Larry L. Anfinson and Peter B. Newell of Randall, Anfinson & Luce, Waterloo, and Emil Trott, Jr. of Barrett & Trott, Des Moines, for LeRoy L. Gray.

Gene Yagla of Lindeman & Yagla, Waterloo, for Russell Folkers.

Considered by OXBERGER, C.J., and DONIELSON and SCHLEGEL, JJ.

DONIELSON, Judge.

This is a limited consolidation wherein Southwest Leasing and LeRoy Gray appeal from a district court judgment rescinding Folkers' contract to purchase real estate from Southwest, and awarding Folkers damages. Southwest alone appeals the ruling that LeRoy Gray was entitled to indemnification from Southwest for any damages based on a stock redemption agreement between Gray and Herman.

Southwest and LeRoy Gray both contend that: (1) the district...

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