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FIRST NAT. BANK v. CRESTON LIVESTOCK

No. 88-879.

447 N.W.2d 132 (1989)

FIRST NATIONAL BANK IN LENOX, Lenox, Iowa, Plaintiff, v. CRESTON LIVESTOCK AUCTION, INC., and First National Bank in Creston, Defendants. CRESTON LIVESTOCK AUCTION, INC., Appellant, v. FIRST NATIONAL BANK IN CRESTON, Appellee.

Supreme Court of Iowa.

October 18, 1989.

Attorney(s) appearing for the Case

Steven W. Guiter of Johnston, Hicks & Guiter, Knoxville, for appellant.

Jon P. Sullivan of Dickinson, Throckmorton, Parker, Mannheimer & Raife, P.C., Des Moines, for appellee.

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

HARRIS, Justice.

The controlling question is whether a bank's endorsement on a check affected the bank's status as a holder in due course. We agree with the trial court's determination that it did not.

Jerry Parker, a Union County farmer, had dealings with two banks. He first obtained a loan from the First National Bank in Lenox, Iowa (Lenox Bank). Lenox Bank took a security interest in all of Parker's livestock and livestock proceeds. Parker later obtained...

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