Faught v. Budlong

LAVORATO, Justice.

This is the third appeal involving these litigants. All three appeals stem from three separate actions. See Federal Land Bank v. Faught Bros., 468 N.W.2d 793, 795 (Iowa 1991) (Faught I); Farm Credit Bank v. Faught, 492 N.W.2d 422, 425 (Iowa 1992) (Faught II). In Faught I and Faught II, the bank attempted to recover losses resulting from the Faughts’ default on three promissory notes. The notes were secured by three real estate mortgages. In Faught I, the bank abandoned its claim for personal judgment and proceeded in rem against the real estate for the full amount of the…