- Ag Docket
(lessors of farmland failed to perfect interest in lessee’s government payments; bank did perfect interest in government payments and applied payments to balance of loan owed by lessees that declared bankruptcy; lessors did not receive full rental payments before lessee filed bankruptcy; lessors sued the bank claiming a superior lien in government payments and that a constructive trust existed because bank had knowledge of leases, so payments should have come to lessors; district court granted summary judgment in favor of bank; appellate court affirmed holding no constructive trust existed because there was no confidential relationship between bank and lessors).
CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.