Derek Wulf was facing three lawsuits over unpaid debts, as well as a criminal investigation into whether some of the collateral to secure a loan had been illegally disposed of, when Zach Lahn chose him as his running mate in June. The following month, the candidate for lieutenant governor of Iowa was able to settle two of the lawsuits after he received a $540,000 loan from a newly created limited liability corporation based in Illinois.
The lawsuit filed by WCF Financial Bank is still ongoing. The Webster City-based bank is seeking to foreclose on Wulf’s farm, saying in court filings that it had provided Wulf with 19 lines of credit, and most of the loans on those lines of credit were supposed to be repaid by the end of 2024…