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COLE v. FIRST STATE BANK OF GREENE

No. 89-1482.

463 N.W.2d 59 (1990)

Dean COLE and Marilyn Cole, Appellants, v. FIRST STATE BANK OF GREENE, Leon D. Steere and C. Jolene Steere, Appellees.

Supreme Court of Iowa.

November 21, 1990.

Attorney(s) appearing for the Case

Thomas A. Lawler, Parkersburg, for appellants.

Patrick G. Vickers of Vickers Law Office, Greene, for appellee First State Bank.

Norman R. Graven, Greene, for appellees Leon D. Steere and C. Jolene Steere.

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

LAVORATO, Justice.

A state bank purchasing real property in a foreclosure sale must dispose of it within five years after title is vested in the bank. If the real property is agricultural land, the bank must first offer the prior owner an opportunity to repurchase it on the same terms the bank proposes to dispose of it. See Iowa Code § 524.910(2) (1987).

In this case the bank, following a foreclosure sale, immediately assigned the sheriff's certificate...

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