HANSEN-FRIEDRICHSEN v. CITIZENS ST. BANK

No. 91-233.

490 N.W.2d 63 (1992)

HANSEN-FRIEDRICHSEN, INC., Appellant, v. CITIZENS STATE BANK OF DONNELLSON (A Corporation in Liquidation); Bankers Trust Company; and Merle Knuth, Appellees.

Court of Appeals of Iowa.

June 25, 1992.


Attorney(s) appearing for the Case

Thomas S. Reavely, Des Moines, for appellant.

Leon R. Shearer and Dean C. Mohr, Shearer, Templer & Pingel, P.C., West Des Moines, for appellees.

Considered by HAYDEN, P.J., and SACKETT and HABHAB, JJ.


HAYDEN, Presiding Judge.

Hansen-Friedrichsen, Inc. and its majority shareholder, Jerry Hansen, were the owners of a 340-acre farm in Dallas County, Iowa. Hansen was born and raised on the farm which had been in the Hansen family for several generations.

On January 13, 1981, the corporation executed a note payable to the Citizens State Bank in the principal amount of $1 million secured by a mortgage dated November 5, 1980. On February 11, 1981, the corporation...

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