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REGAL INS. CO. v. SUMMIT GUAR. CORP.

No. 66548.

324 N.W.2d 697 (1982)

REGAL INSURANCE COMPANY, a Louisiana Corporation, and Regal Group, Inc., a Nevada Corporation, Appellants, v. SUMMIT GUARANTY CORPORATION, a Delaware Corporation, Appellee, and FIRST INTERNATIONAL ASSURANCE CO., LTD., a Bermuda Corporation, Intervenor-Appellee, v. REGAL GROUP, INC., a Nevada Corporation, Regal Insurance Co., a Louisiana Corporation, Roger Williams Insurance Co., a Louisiana Corporation, and Summit Guaranty Corporation, a Delaware Corporation, Appellants and Appellees.

Supreme Court of Iowa.

Rehearing Denied October 21, 1982.

Attorney(s) appearing for the Case

Lawrence L. Marcucci and David P. Jennett of Williams & LaMarca, P. C., West Des Moines, for appellants.

Fred L. Dorr of Wasker, Sullivan & Ward, Des Moines, Michael J. Murphy of Lord, Day & Lord, New York City, and David L. Phipps of Whitfield, Musgrave, Selvy, Kelly & Eddy, Des Moines, for appellees.

Considered by REYNOLDSON, C. J., and HARRIS, McCORMICK, LARSON, and SCHULTZ, JJ.

HARRIS, Justice.

The trial court sustained a challenge to the transfer of 15,000 shares of preferred corporate stock and entered judgment on a $295,000 note. A constructive trust was imposed. On appeal we reject various challenges to these determinations and affirm the trial court.

The case arises from complex corporate legal maneuvers by which the 15,000 shares of defendant Summit Guaranty Corp. (Summit) preferred stock were transferred from a corporation...

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