Federal Deposit Insurance Corporation v. Kurtis Krause, Karlton Krause and Kelly Krause

McMILLIAN, Circuit Judge.

Kurtis Krause, Karlton Krause, and Kelly Krause (the Krauses) appeal from a final judgment entered in the District Court 1 for the Northern District of Iowa granting summary judgment in favor of the Federal Deposit Insurance Corporation (FDIC) in its collection action. For the reasons discussed below, we affirm the judgment of the district court.

The Krauses executed two promissory notes to Citizens State Bank of Iowa Falls (the bank). After Iowa’s Superintendent of Banking declared the bank insolvent on July 31, 1986, the FDIC accepted appointment as receiver of the…