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KNEPPER v. MONTICELLO STATE BANK

No. 89-234.

450 N.W.2d 833 (1990)

William KNEPPER and Callista Knepper, Appellees, v. MONTICELLO STATE BANK and Earl Decker, Appellants.

Supreme Court of Iowa.

As Corrected February 2, 1990.

Attorney(s) appearing for the Case

Chad C. Leitch and Stephen C. Krumpe, of O'Connor & Thomas, P.C., Dubuque, for appellant Monticello State Bank.

Louis P. Pfeiler, of Pfeiler & Beckman Law Offices, Dubuque, for appellant Earl Decker.

Larry R. Kurt, of Cable Car Law Offices, Dubuque, for appellees.

Diane M. Stahle, Des Moines, for amicus curiae Iowa Bankers Ass'n.

Considered by McGIVERIN, C.J., and CARTER, LAVORATO, NEUMAN and ANDREASEN, JJ.

ANDREASEN, Justice.

William and Callista Knepper owned farm land in Dubuque county. They gave Monticello State Bank (MSB) a promissory note secured by a mortgage on the land. On May 14, 1986, the Kneppers transferred the land to MSB by a deed in lieu of foreclosure. On February 5, 1987, MSB transferred the land to Earl Decker by installment contract. Prior to this transfer, MSB did not offer the Kneppers an opportunity to repurchase the land, as required by Iowa Code...

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