MidWestOne Bank
v.
Heartland Co-op
Justin and Ashley Harker (Harkers) are grain farmers who borrowed operating funds from MidWestOne Bank (the Bank), which filed UCC-1 financing statements with respect to their farm products. On several occasions the Harkers took their crops to Heartland Co-op (Heartland), which dried and stored them. After each of six sales of the Harkers’ corn and soybeans between January 7, 2014, and February 24, 2017, Heartland deducted its costs for drying and storage from the sale proceeds and issued checks and settlement sheets to the Harkers. The Bank filed a conversion action, arguing Heartland’s withholdings violated its superior security interests. Heartland filed a counterclaim for unjust enrichment. On motions for summary judgment the court ruled for the Bank. On appeal, Heartland argues: (1) the court correctly applied the two-year statute of limitations of Iowa Code section 614.1(10), but improperly applied the discovery rule to transactions occurring before the start of the limitations period, and (2) the court erred in denying its unjust enrichment claim.
Appellee
MidWestOne Bank
Appellant
Heartland Co-op
Attorneys for the Appellee
H. Raymond Terpstra II
Matthew L. Preston
Cara L. Roberts
Attorneys for the Appellant
Johannes H. Moorlach
Peter J. Chalik
Supreme Court
Oral Argument Schedule
15-15-5
Mar 11, 2020 9:00 AM
