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MADSEN v. BORTHICK

No. 17772.

658 P.2d 627 (1983)

Richard D. MADSEN and Nancy Madsen, his wife, Boyd A. Swensen and Beatrice Swensen, his wife, Hope A. Hilton, Blaine Anderson and Sheree Anderson, his wife, Cynthia Hilton, Ralph M. Hilton, Middle East Foundation and Gene A. Hellend, on behalf of themselves and all others similarly situated, Plaintiffs and Appellants, v. Mirvin D. BORTHICK, Commissioner of the Utah Department of Financial Institutions, and the State of Utah, Defendants and Respondents.

Supreme Court of Utah.

January 28, 1983.

Attorney(s) appearing for the Case

Robert J. DeBry, Salt Lake City, for plaintiffs and appellants.

David L. Wilkinson, Stephen J. Sorenson, Salt Lake City, for defendants and respondents.

Joseph C. Rust, Charles W. Hanna, Salt Lake City, for amicus curiae.

OAKS, Justice:

Plaintiffs deposited money in Grove Finance Co., a corporation plaintiffs claim is a banking business within the meaning of the state law regulating banks. U.C.A., 1953, § 7-3-1, et seq.1 Plaintiffs allege that these deposits were made in reasonable reliance upon defendants' duty to perform specified statutory functions with respect to that institution.2 Defendants are the State of...

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