Max Rochholz v. Frank L. Farrar and Robert R. Kruger

WEBSTER, Circuit Judge.

This is an appeal from the judgment of the District Court 1 denying equitable rescission of a written agreement by appellants to sell the controlling interest in the Exchange State Bank of Adair, Iowa. Jurisdiction is based upon diversity of citizenship, 28 U.S.C. § 1332(a); the law of Iowa controls the outcome of this case.

The Exchange State Bank was for many years owned and operated by the Rochholz family. Due to unrelated circumstances, sale of the bank became necessary in 1971. At that time, appellants Dean Rochholz, Max Rochholz and Ila Fay, brothers and sister,…