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PAHRE v. AUDITOR OF STATE

No. 87-741.

422 N.W.2d 178 (1988)

Warren PAHRE, et al., Plaintiffs, v. AUDITOR OF the STATE of Iowa and Industrial Loan Thrift Guaranty Corporation of Iowa, Defendants. INDUSTRIAL LOAN THRIFT GUARANTY CORPORATION OF IOWA, Appellant, v. REESE & COMPANY, P.C., and Bill M. Reese, C.P.A., Appellees.

Supreme Court of Iowa.

April 13, 1988.

Attorney(s) appearing for the Case

Thomas L. Flynn of Wimer, Hudson, Flynn & Neugent, P.C., Des Moines, for appellant.

Richard A. Steffen and Richard N. Winders, Des Moines, for appellees.

Considered by LARSON, P.J., and SCHULTZ, CARTER, NEUMAN, and SNELL, JJ.

LARSON, Justice.

First Security Acceptance Corporation, an industrial loan company under Iowa Code chapter 536A (1981), became insolvent in 1982. Investors who lost money on thrift certificates with First Security looked for payment to the guarantor, Industrial Loan Thrift Guaranty Corporation, Iowa Code ch. 536B (1981). The guaranty corporation paid the investors, then sued First Security's accountants, Reese and Company...

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