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ENGSTRAND v. WEST DES MOINES STATE BANK

No. 91-1378.

516 N.W.2d 797 (1994)

Ralph A. ENGSTRAND, Leola M. Engstrand, Mark A. Engstrand, Michael C. Engstrand, and Ralph's Distributing Co., Appellants, v. WEST DES MOINES STATE BANK and Boats Unlimited, Appellees.

Supreme Court of Iowa.

May 25, 1994.

Attorney(s) appearing for the Case

Lawrence L. Marcucci of Shearer, Templer, Pingel & Kaplan, P.C., West Des Moines, for appellants.

Robert G. Allbee, Wade R. Hauser III, and Michael J. Eason of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Des Moines, for appellee West Des Moines State Bank.

David L. Charles of Gamble & Davis, Des Moines, for appellee Boats Unlimited.

Considered by McGIVERIN, C.J., and LARSON, CARTER, NEUMAN, and SNELL, JJ.

LARSON, Justice.

Ralph Engstrand and several members of his family owned wholesale and retail boat companies, which were financed by West Des Moines State Bank. When the companies defaulted on the loan, the bank began collection proceedings, including the liquidation of the companies' inventory.

The plaintiffs filed this suit against the bank and Boats Unlimited (the corporation set up to conduct the liquidation) alleging negligence in the disposition of the...

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