Van Der Maaten v. Farmers Cooperative Co.

LARSON, Justice.

In 1987, two northwest Iowa cooperative associations proposed a merger to form a “survivor association,” Iowa Code § 499.-61(3) (1987), to be called the Farmers Cooperative Company (Farmers). Frank Van Der Maaten, a former member of both cooperatives, objected to the merger and voted against it, see Iowa Code § 499.65 (1987), but the merger was completed. Under Iowa Code section 499.66(3), a newly merged cooperative association must pay off the interest of dissenting members, but it is not clear as to when and how that payment must be made. The district court ruled that it…