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FEDERAL LAND BANK OF OMAHA v. SLEISTER

No. 88-1001.

444 N.W.2d 504 (1989)

The FEDERAL LAND BANK OF OMAHA, Appellee, v. Larry K. SLEISTER and Patricia A. Sleister, Husband and Wife, and Waterford Energy, Inc. f/k/a Funk Exploration, Inc., Appellants.

Supreme Court of Iowa.

August 16, 1989.

Attorney(s) appearing for the Case

Jonathan M. Kimple of McDonald, Brown & Kimple, Dallas Center, for appellants.

Rodney P. Kubat and Mark V. Hanson of Whitfield, Musgrave & Eddy, Des Moines, for appellee.

Considered by HARRIS, P.J., and LARSON, SCHULTZ, LAVORATO, and NEUMAN, JJ.

LARSON, Justice.

In April 1983, Larry K. Sleister and Patricia A. Sleister mortgaged their 120-acre Guthrie County farm to the Federal Land Bank of Omaha. In March 1986, Sleisters filed a chapter 7 petition in bankruptcy, but the trustee abandoned any claim to the land. In August 1987, Federal Land Bank filed a foreclosure action, and a receiver was appointed.

A summary judgment of foreclosure was entered on February 1, 1988, and a sheriff's sale of the whole...

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