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S. OTTUMWA BANCSHARES v. FIRST INTERSTATE

No. 91-77.

484 N.W.2d 586 (1992)

SOUTH OTTUMWA BANCSHARES, INC., Appellee, v. FIRST INTERSTATE OF IOWA, INC., Appellant.

Supreme Court of Iowa.

May 13, 1992.

Attorney(s) appearing for the Case

W. Don Brittin, Jr., Hayward L. Draper, and James C. Wine of Nyemaster, Goode, McLaughlin, Voigts, West, Hansell & O'Brien, P.C., Des Moines, for appellant.

Mark E. Schantz and Bruce J. Toenjes of Dickinson, Throckmorton, Parker, Mannheimer & Raife, P.C., Des Moines, for appellee.

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

HARRIS, Justice.

This is a dispute over an option to purchase shares in a bank. The trial court found the option to be invalid. We reverse on First Interstate's appeal from the judgment finding the option invalid and remand the case for an order directing that the $250,000 payment, plus interest, be retained as compensation for avoiding the right to exercise it. We affirm the trial court's dismissal of SOBI's claim for damages.

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