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  5. 426 N.W.2d 126 (1988)
 

MATTER OF MT. PLEASANT BANK & TRUST CO.

No. 87-137.

426 N.W.2d 126 (1988)

In the Matter of the Receivership of MT. PLEASANT BANK & TRUST COMPANY, Mount Pleasant, Iowa. FEDERAL DEPOSIT INSURANCE CORPORATION, As Receiver of the Mt. Pleasant Bank & Trust Company, Mount Pleasant, Iowa, Appellee, v. MOUNT PLEASANT PROFESSIONAL BUILDING; Don Boshart; Eldora Boshart; Eugene Barnes; Beulah Barnes; Home Furniture of Mt. Pleasant Corporation; Kenneth Tolander-Trustee; Richard Lane, Executor Juanita Lane Estate; Edwin Menke; Mary Lou Menke; Enterprise Design, Inc.; David Roth; Dorothy Roth; Florence Jennings; A. Leroy Jennings; R. Gaye Richenberger; Lawrence R. Walker; Lawrence E. Walker; Kelly C. Walker; Mt. Pleasant Utilities; Henry County Association for Retarded Citizens; Industrial Training Center; Donald Kiesey; Mary Kiesey; Richard H. Goodwin; Henry County, Iowa; Mt. Pleasant Community Theater Association; William O. Anderson; Esther I. Anderson; M & H Services, Ltd.; Hassenfritz Farms, Inc.; Walter Miller; Wanda Miller; and Messer Fertilizer, Inc., Appellants. United Central Bank of Des Moines, N.A., now known as First Interstate Bank of Des Moines, N.A., Appellee.

Supreme Court of Iowa.

June 15, 1988.

Attorney(s) appearing for the Case

Michael C. Vance, and David L. McCoid, Mt. Pleasant, for appellants.

Michael Noyes of Rehling, Lindburg & Gosma, Davenport, for appellee Federal Deposit Ins. Corp.

Ross H. Sidney, Robert C. Thomson, and Patrick J. McNulty of Grefe & Sidney, Des Moines, for appellee United Central Bank of Des Moines, N.A., n/k/a First Interstate Bank of Des Moines, N.A.

Considered by McGIVERIN, C.J., and LARSON, CARTER, LAVORATO, and ANDREASEN, JJ.

LAVORATO, Justice.

The appellants in this declaratory judgment action are the owners of outstanding repurchase agreements bought from the now-insolvent Mt. Pleasant Bank & Trust Company (MPB). Among other things, they contend the district court erred by interpreting the agreements to preclude perfection of their security interests in the federal securities being used as collateral. As a result of the court's interpretation, the appellants' security interests were...

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