Farmers Savings Bank, Joice v. Gerhart

SCHULTZ, Justice.

In this appeal we address issues arising from the simple foreclosure of a real estate mortgage. On March 8, 1983, the Farmers Savings Bank, Joice, Iowa, (bank), filed a petition in equity against defendants Charles F. Gerhart, Penelope J. Gerhart, and Chaspen Corporation. The bank was seeking a money judgment, the foreclosure of a real estate mortgage, and the appointment of a receiver. The same day Elwood Norstrud was appointed receiver by an ex parte order of the district court. On May 26, 1983, a judgment and decree was rendered granting the bank a money judgment of…