Reseña de Frances G. Dreckshage v. Community Federal

Frances G. Dreckshage v. Community Federal de Missouri Court of Appeals Eastern District Resumen del Libro

The history of this litigation dates back to 1960. 1 In that year, Frances Dreckshage and John and Hazel White sold farmland in northwest St. Louis County to Bill Bangert, the proponent of an ambitious development plan for the area. The Dreckshage tract covered 171 acres and was sold for $85,000. The White tract covered 110 acres and was sold for $90,000. Bangert paid $1,000 down for each tract and gave notes for the balance, payable over a 5 year period and secured by a purchase money deed of trust. The agreements provided that the sellers would retain possession of all crop land until full payment of the purchase price; they were entitled to collect rents and required to pay property taxes in the meantime. Bangert made only one interest payment on the Dreckshage notes and three on the White notes. Bangert continued, however, to push forward with his development plans. He applied to Community Federal Savings for a loan of $2.1 million (later increased to $2.7 million) in order to build a plant which would be leased to the R.C. Can Company (later purchased by Boise Cascade Corporation). Community Federal approved the loan on the condition that it would be secured by a first deed of trust on development properties owned by Bangert, covering not only the development site but also adjacent land, including the Dreckshage and White tracts.

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