South Ottumwa Bancshares, Inc. v. First Interstate of Iowa, Inc.

HARRIS, Justice.

This is a dispute over an option to purchase shares in a bank. The trial court found the option to be invalid. We reverse on First Interstate’s appeal from the judgment finding the option invalid and remand the case for an order directing that the $250,000 payment, plus interest, be retained as compensation for avoiding the right to exercise it. We affirm the trial court’s dismissal of SOBI’s claim for damages.

Assets of the enterprises on both sides of the option are held by other entities so factual details become somewhat complex. Focal point of the controversy is South…