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BOUBELIK v. LIBERTY STATE BANK

No. C3-94-1136.

553 N.W.2d 393 (1996)

Henry F. BOUBELIK, et al., Respondents, v. LIBERTY STATE BANK, Petitioner, Appellant.

Supreme Court of Minnesota.

Rehearing Denied October 10, 1996.

Attorney(s) appearing for the Case

Brenner & Glassman, Ltd., Louis W. Brenner, Sr., Michael J. Orme, Minneapolis, for Appellant.

Jacobson, Harwood, Bennett & Erickson, P.A., Steven S. Hoge, Minneapolis, for Respondents.

John S. Jackson, Vice President and General Counsel, Michael P. Carlson, Associate Counsel, Minneapolis, for MN Bankers Ass'n.

Hubert H. Humphrey, III, Attorney General, James P. Jacobson, Assistant Attorney General, St. Paul, for State of Minnesota.

Smith & Tollefson, Stephen J. Smith, Mark J. Rohrick, Owatonna, for MN Trial Lawyers Ass'n.

Heard, considered and decided by the court en banc.

OPINION

ANDERSON, Justice.

Plaintiffs William Baker and Henry Boubelik obtained a loan from Liberty State Bank for the purpose of investing in Lindsay's Bar, a bar and restaurant to be owned and operated by Joseph Baker, William's brother. Plaintiffs' loan from Liberty was secured by collateral pledged by plaintiffs and equipment to be used for Lindsay's Bar. Lindsay's Bar never opened. Joseph Baker, who was both a business and personal customer of Liberty...

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