Opinion ID: 2074942
Heading Depth: 1
Heading Rank: 7

Heading: Phyllis Churchill's Borrowing History.

Text: To evaluate Gottsch's claim for a constructive trust, we must examine Phyllis Churchill's history of borrowing money from the Bank of Stapleton and explore the correspondent bank relationship between the Bank of Stapleton and FNB. Since 1967, Phyllis Churchill had borrowed money from the Bank of Stapleton in connection with her family's cattle-raising operations. In 1974, Phyllis and Leslie Churchill married and conducted their own cattle operations. In April 1977, Phyllis Churchill, already indebted to the Bank of Stapleton for $103,500, requested additional credit from the bank. Under the circumstances, the legal limit on a loan from the Stapleton bank was $105,000. However, Phyllis Churchill obtained a loan in excess of the $105,000 limit for the Bank of Stapleton when, on April 29, 1977, the Stapleton bank, as a correspondent bank of FNB, received funds through a participation, or overline, loan from FNB for Phyllis Churchill.