Houghton State Bank v. Peterson

NEUMAN, Justice.

Houghton State Bank, the plaintiff, has appealed a court order that quashed a general execution on real estate owned by defendants Marvin and Deloris Peterson. The narrow issue is whether the court erred by applying Iowa Code section 615.3 (1989) to prevent the bank’s enforcement of a judgment beyond the statute’s two-year limitation. Finding no error, we affirm.

The facts are undisputed. In 1985 the bank lent operating capital to the Peter-sons in exchange for promissory notes secured by a blanket security agreement covering farm equipment and crops, and a mortgage and deed of…