Five banks sue Dickinson State University
Five financial institutions have filed a lawsuit against Dickinson State University and the North Dakota State Board of Higher Education to claim payment for the Biesiot Activities Center.
American Bank Center, Choice Financial Group, Dacotah Bank, Western Bank and Kirkwood Bank & Trust will appear before Southwest District Judge William Herauf in March 2018 to make their claims against DSU and the SBHE.
The Biesiot Activities Center, formerly known as the Badlands Activity Center before a name change in 2012, was built by the former DSU Foundation with some of the funding coming from the loans from the aforementioned financial institutions. Since DSUF's dissolution in late 2015, the complaint states, the lending banks have received no payments on the loans for the BAC.
The complaint argued that the affairs and control of DSUF and DSU in regard to the various agreements related to the construction of the BAC were so closely intertwined that DSUF was either acting as an agent of DSU or DSU failed to treat DSUF as a distinct corporate entity.
Read more: http://www.thedickinsonpress.com/news/4224694-five-banks-sue-dsu