A bank has won a lawsuit filed against an Iowa man over unpaid loans the man signed for when he helped operate a title company in Nebraska.
Published reports reveal Judge Robert Otte ruled in favor of City Bank & Trust on Tuesday. The bank had sued Dean Hoag Jr., who now lives in West Des Moines, Iowa.
Hoag argued that he shouldn't be held responsible for $335,000 in loans and interest because he merely had signed on behalf of the now-defunct company, Professional Title & Escrow. The company had
offices in Omaha and Lincoln.
But loan documents show Hoag signed the loans both as manager and personally. A former bank executive testified the bank made it clear it needed a personal guarantee on the loans