Gagen v. Bankers Trust Co.

In 1954 a trust agreement was entered into between Linnie R. Gagen and Bankers Trust Company, Des Moines, Iowa. In accord therewith a residence property located at 3309 Center Street, Des Moines, then owned by Mrs. Gagen, was conveyed to the trust company, as trustee, as security for a loan of $2500 and for future advances to be made by the trustee to Mrs. Gagen. Thirteen payments of $60 per month were later made to her. The agreement granted broad powers to the trustee, one being.the right to sell the property at its market price. The proceeds were to be used for the benefit of Mrs. Gagen.…