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BLACK RIVER ELEC. v. PEOPLE'S BANK

No. SD 33444.

466 S.W.3d 638 (2015)

BLACK RIVER ELECTRIC COOPERATIVE, a Missouri Rural Electric Cooperative, Appellant, v. PEOPLE'S COMMUNITY STATE BANK, n/k/a People's Community Bank, Respondent.

Missouri Court of Appeals, Southern District, Division One.

FILED: May 4, 2015.

Attorney(s) appearing for the Case

Appellant's attorney: R. Scott Reid , Fredericktown

Respondent's attorney: Jennifer Hackworth Thompson , Piedmont

Acting as a financing conduit under a USDA loan program, Black River borrowed $450,000 from the USDA and relent it to a Mr. Baker to start a business. Black River had required a letter of credit (LOC) as loan security; its file contained one purportedly issued by People's Bank (Bank).

When Baker defaulted several years...

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