Iltis v. Gentilly

Defendant appellees, Gentilly and wife, having purchased a vacant lot in Des Moines, engaged one Rush to build a home on it at the contract price of $5,225. Defendant appellant, Polk County Federal Savings and Loan Association, agreed to loan $5,100 on the property and defendant appellees executed their note and mortgage for that amount. After appellant loan association had disbursed from the proceeds of the loan $3,000 to the principal contractor and $1,067 to three subcontractors, Rush abandoned the job. Appellant then paid defendant appellees the balance of the loan to enable them to…