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The Cedar Rapids Gazette , Wed., Oct. 9, 1985 FARMER WINS $2 MILLION IN LAWSUIT AGAINST PCA
WASHINGTON, Iowa - A Washington County District Court jury Tuesday returned a verdict worth more than $2 million for a farm family on its claims against the Southeast Iowa Production Credit Association. Peter and Wanda Graber and their son and daughter-in-law, Eric and Lori, Crawfordsville, sued the association for allegedly promising to renew loans without intending to do so, if the Grabers would sell livestock and machinery to make payments on their loans. The jury returned a $1,279,666 verdict for them on that claim and determined that the association should be barred from enforcing a $645,000 note against the Grabers. Peter Riley, Cedar Rapids, attorney for the Grabers, said an important point of the verdict came in another division of the case, in which the jury returned a $235,770 verdict on the claim that the association wrongfully took and sold some of the Graber cattle and machinery through court proceedings. Riley said the association is financially unable to pay the judgment, but an insurance company which posted a bond on the wrongful taking will have to pay that part of the verdict. That will make it more difficult for insolvent financial institutions to get bonds to take farm property, he said. The cattle taken by the PCA were 30 top red Angus breeding stock, which were sold at a sale barn as if they were commercial stock, Riley said. The verdict means the Grabers will be able to get back their machinery, which has been sitting idle and rusting since it was seized last December, Riley said. Defense attorneys William King and Marilyn Scheer, both of Des Moines, contended the PCA was not obligated to renew the loans and that PCA officials were honest in their dealings with the Grabers. Tom Riley Law Firm, P.L.C.
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