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FARMERS STATE BANK v. UNITED CENT. BANK

No. 89-1235.

463 N.W.2d 69 (1990)

FARMERS STATE BANK and J.E.M.S., Inc., Appellants, v. UNITED CENTRAL BANK OF DES MOINES, IOWA and First Interstate Bank of Des Moines, Iowa, N.A., Appellees.

Supreme Court of Iowa.

November 21, 1990.

Attorney(s) appearing for the Case

David P. Jennett of the McCullough Law Firm, Sac City, for appellants.

W. Don Brittin, Jr. and Hayward L. Draper of Nyemaster, Goode, McLaughlin, Voigts, West, Hansell & O'Brien, P.C., Des Moines, for appellees.

Considered by McGIVERIN, C.J., and LARSON, SCHULTZ, SNELL, and ANDREASEN, JJ.

SCHULTZ, Justice.

This appeal arises out of a dispute between banks over the renewal of a loan participation agreement. Farmers State Bank of Lakeview (Farmers) used United Central Bank of Des Moines, now named First Interstate Bank of Des Moines, N.A. (Interstate) as a correspondent bank and also sold it loan participations.1 J.E.M.S., Inc., a one-bank holding corporation, owns over eighty percent of Farmers' stock. In 1982, Farmers loaned...

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