CENT. BANK AND REAL ESTATE OWNED v. HOGAN

No. 15-0995.

891 N.W.2d 197 (2017)

CENTRAL BANK AND REAL ESTATE OWNED, L.L.C., an Iowa Limited Liability Company, Appellant, v. Timothy C. HOGAN, as Trustee of the Liberty Bank Liquidating Trust; Liberty Bank, F.S.B.; Iowa State Bank; First State Bank; Farmers Savings Bank; Farmers Trust & Savings Bank; and First Community Bank, Appellees.

Supreme Court of Iowa.

Filed March 3, 2017.


Attorney(s) appearing for the Case

Nicholas J. Brown of Nick Brown, P.C., Storm Lake, for appellant.

Robin K. Carlson of Stinson Leonard Street L.L.P., Kansas City, Missouri, and Scot Bauermeister of Fitzgibbons Law Firm, L.L.C., Estherville, for appellee Timothy C. Hogan.

Craig A. Knickrehm and Andrew R. Biehl of Walentine, O'Toole, McQuillan & Gordon, L.L.P., Omaha, Nebraska, for appellee participant banks.


In this case, we deal with the question of whether participation agreements in connection with a loan transaction transferred security interests in the underlying property or only a contractual right to the proceeds from the originating bank. For the reasons expressed below, we conclude that the participating agreements transferred...

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