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AMERICAN STATE BANK v. ADKINS

No. 16904.

458 N.W.2d 807 (1990)

AMERICAN STATE BANK, a Corporation, now known as First Dakota National Bank, Plaintiff and Appellee, v. Robert W. ADKINS and Martha Adkins, Defendants and Appellants, and Bancomp Services, Inc., successor to Deam Investments, Defendant.

Supreme Court of South Dakota.

Decided July 18, 1990.

Attorney(s) appearing for the Case

Michael S. McKnight of Boyce, Murphy, McDowell & Greenfield, Sioux Falls, for defendants and appellants.

Steven M. Johnson of Brady, Reade & Johnson, Yankton, for plaintiff and appellee.

SABERS, Justice.

Robert and Martha Adkins (Adkins) appeal from a summary judgment on their counterclaim against American State Bank* (Bank) for breach of an escrow agreement.

FACTS

In 1984, Adkins were the only shareholders of Central Finance Corporation (Central) and were looking for a buyer. The only substantial assets of Central were three subsidiaries: Central Acceptance Corporation, Cen/Lease, Inc., and First West...

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