State ex rel. Bernau v. Keller-Apex Loan, Inc.

DONIELSON, Chief Judge.

Keller-Apex Loan, Inc., an industrial loan company, became insolvent and was placed under receivership of the state auditor by court order in 1985. The state superintendent of banking succeeded the auditor as receiver for the loan company. Robert Flynn, president of the loan company at the time it was placed in receivership, was also a real estate agent with the realtor, Chapman and Assoc. Realtors.

In 1987, real estate listing contracts were entered into between the superintendent as receiver and Chapman with respect to three properties of the loan company. In 1988,…