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FIRST NAT. BANK v. FRESCOLN FARMS, LTD.

No. 87-750.

430 N.W.2d 432 (1988)

FIRST NATIONAL BANK IN FAIRFIELD, Appellee, v. FRESCOLN FARMS, LTD., Robert Frescoln, and Charles Randall Frescoln, Appellants.

Supreme Court of Iowa.

October 19, 1988.

Attorney(s) appearing for the Case

Charles A. Coppola of Coppola, Gazzo & Clark, Des Moines, for appellants.

Robert G. Allbee and Wade R. Hauser III of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, Des Moines, and Craig R. Foss of Foss, Kuiken & Gookin, P.C., Fairfield, for appellee.

Considered by McGIVERIN, C.J., and SCHULTZ, LAVORATO, NEUMAN, and SNELL, JJ.

LAVORATO, Justice.

The dispute in this case arose after Merrill R. Frescoln conveyed his unencumbered farmland to a family corporation in return for stock and then gave the stock to two of his three sons. At about the same time these transfers were taking place, Merrill failed to repay an unsecured debt to the First National Bank in Fairfield. The bank obtained a judgment against him, which he was also unable to pay. The issue we must decide is whether the corporate...

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