Noe v. Hawkeye Bank

CARTER, Justice.

This is a dispute concerning a lease of farmland that had been part of the res of a testamentary trust created under the will of Kenneth Noe, who died on May 8, 1989. Terms of this testamentary trust specified that it was to terminate five years following the death of Kenneth Noe, at which time the trustee was to distribute all income and principal of the trust to Kenneth Noe’s five children in equal shares. One of Kenneth Noe’s children, Richard, had been farming the property under lease for sixteen years. In the fall of 1995, the trustee, Hawkeye Bank n/k/a Mercantile Bank,…