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Nesvig v. Nesvig2/25/2004
reason then sometimes he would give me some, other times he would not.
[ ] According to Gordon Nesvig, he did not believe Richard Nesvig could manage the money and he received specific instructions from Richard Nesvig about the money:
A. Well, to summarize them, the one probably paramount instruction was that he wanted it readily available. He wanted, if he called me and he needed this money for something, he did not want to wait for it. And the second -
Q: Let's go through this list, we will have you explain what was said.
A: All right. And the second item was that and I don't remember which order they were, but he did not want to lose any principal.
Q: Okay, any more?
A: Third one was that he did not want to be in the stock market is the word that we used, but I took that to mean any publicly traded security where you could lose money.
Q: How about bonds?
A: It would include bonds.
Q: Any more?
A: That is as far as I can remember. Those were the three cardinal rules.
[ ] Gordon Nesvig testified he did not send Richard Nesvig statements regarding the money market account, but he normally had monthly telephone conversations with him regarding money. According to Gordon Nesvig, in early 1995 he discovered the money market account was earning interest at a lower rate than expected and he informed the bank:
you have got to do better than this or we are moving the money. Well, we have got this other account and it will produce a higher interest rate and they told me it does equate to about a thousand dollars a month. And I called Richard and I told him what had happened and I said that the bank says I have to open a new account, I have got to close the one that you have and open a new one and asked him if that was okay and he said that it was.
And then a few days or weeks later, he sent me his 1994 tax information because I did not have anything other than the 1099. He had his farm income, his Franklin fund statement, and he had his property taxes, whatever all he paid. And in that envelope is when he sent me that letter . . . because he knew about the change in the bank account and that is where that thousand dollars a month-and he was really confirming that he wanted it in there. He wanted that extra thousand dollars a month, just interest.
[ ] Richard Nesvig testified that, in March 1995, he sent Gordon Nesvig information for his 1994 taxes and a handwritten letter asking for a copy of his monthly statement and indicating he "would like $1,000.00 more per month when invested, just interest. Seems fair to me." According to Richard Nesvig, he got a July 1995 statement from Gordon Nesvig, and he never got another monthly statement or $1,000.00 a month after his handwritten letter to Gordon Nesvig. According to Richard Nesvig, he was unable to get money from Gordon Nesvig when he wanted it.
[ ] In November 1997, George Longmire, on behalf of Richard Nesvig, wrote Gordon Nesvig:
Reference is made to previous correspondence and telephone conferences we have had in connection with [funds belonging to Richard Nesvig]. Rick is still insisting funds belonging to him should be returned to the Norwest Bank in Hillsboro, ND.
As indicated in our initial telephone conference, he has a good relationship with a capable woman at this time. I learned recently she had had some banking experience. Further, I feel Rick has changed greatly in the two years I have had contact with him. I feel confident his wife to be and his banker can keep him soundly managing his business affairs. You and I could also k
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