Beatty v. Armstrong

This is an action in equity for accounting. Plaintiffs are farmers in the vicinity of Independence, Iowa, and defendant is a realtor in said city. In 1941 plaintiffs experienced financial difficulties. They Avere not able to secure financing from Waterloo Production Credit Association, Avith whom they had been doing business, nor from the local bank which had recently been organized. They then entered into an agreement with the defendant to arrange such financing for them, and placed all their property iu trust Avith him to secure the money needed. Defendant executed one note in the inception…