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IOWA-DES MOINES NAT.BK. v. FORT DODGE, D.M. & S.RY. CO.

No. 49366.

89 N.W.2d 360 (1958)

IOWA-DES MOINES NATIONAL BANK, Trustee, Appellee, v. FORT DODGE, DES MOINES AND SOUTHERN RAILWAY COMPANY, Appellant, George W. McGhie et al., Intervenors-Appellees.

Supreme Court of Iowa.

April 9, 1958.

Attorney(s) appearing for the Case

Bannister, Carpenter, Ahlers & Cooney, Des Moines, for appellant.

Gibson, Stewart & Garrett, Des Moines, for appellee.

Parrish, Guthrie, Colflesh & O'Brien, Des Moines, for intervenors-appellees.

WENNERSTRUM, Justice.

Plaintiff, as trustee under a mortgage securing income bonds issued by the Fort Dodge, Des Moines and Southern Railway Company, brought an action for a declaratory judgment to determine what part, if any, of the income earned during the year 1955 was available for the payment of the interest on the bonds. The railroad company, the defendant, had determined there was not sufficient net income during the year in question to pay any interest. The...

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