Fort Madison Savings & Loan v. Marion County Savings & Loan

Defendant, a savings and loan association, appeals from a money judgment rendered against it in an action brought by plaintiff, a savings and loan association. The action is at law and is founded on duties and responsibilities of defendant alleged to flow from a participation agreement in which both parties and other savings and loan associations loaned money for a motel operation in Newton, Iowa. Defendant was the so-called “lead lender” with the primary responsibility for administering the loan. The case was tried to the court and a judgment in the sum of $270,-000 plus interest was awarded…