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FIRST NAT. BANK v. ONE CRAIG PLACE, LTD.

No. 64502.

303 N.W.2d 688 (1981)

FIRST NATIONAL BANK OF COUNCIL BLUFFS, Appellee, v. ONE CRAIG PLACE, LTD., an Iowa Corporation, Guy Craig, Diane K. Craig, Melvin D. Kvasnicka, Marvin E. Seibold, Helen Seibold, Carmen A. Craig, and Beverly J. Craig, Defendants. Melvin D. KVASNICKA, Marvin E. Seibold, Helen Seibold, Carmen A. Craig, and Beverly J. Craig, Appellants, v. FIRST NATIONAL BANK OF COUNCIL BLUFFS, Guy Craig, and Diane K. Craig, Appellees.

Supreme Court of Iowa.

March 18, 1981.

Attorney(s) appearing for the Case

C. R. Hannan of Perkins, Sacks, Hannan & Hughes, Council Bluffs, for appellants.

A. W. Tauke of Porter, Lash, Reilly & Tauke, Council Bluffs, for appellee Bank.

Considered by REYNOLDSON, C. J., and LeGRAND, UHLENHOPP, McCORMICK, and McGIVERIN, JJ.

UHLENHOPP, Justice.

This appeal involves the fiduciary duty owed by promoters, officers, and directors of a corporation to minority stockholders. The proceeding is in equity and we find the facts anew. Rowen v. Le Mars Mutual Insurance Co., 282 N.W.2d 639, 645 (Iowa 1979). The facts are largely determinative of the case.

Midlands Corporation was a wholly owned subsidiary of First National Bank of Council Bluffs (the...

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