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MATTER OF MT. PLEASANT BANK AND TRUST CO.

No. 89-643.

455 N.W.2d 680 (1990)

In the Matter of the Receivership of MT. PLEASANT BANK AND TRUST COMPANY, Mt. Pleasant, Iowa Re Garland CARVER, Successor Trustee for City of Mt. Pleasant, Iowa, Industrial Development Revenue Bond Issue (SAI Project) and City of Gilman, Iowa, Industrial Development Revenue Bond Issue (SAI Project), Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of the Mt. Pleasant Bank and Trust Company; and Centerre Bank, N.A. f/k/a First National Bank in St. Louis, Appellees.

Supreme Court of Iowa.

Rehearing Denied May 23, 1990.

Attorney(s) appearing for the Case

Mark E. Schantz and Jon P. Sullivan of Dickinson, Throckmorton, Parker, Mannheimer & Raife, P.C., Des Moines, for appellants.

Michael Noyes and Patrick J. Flynn of Stanley, Rehling & Lande, P.C., Davenport, Ann S. DuRoss, Asst. Gen. Counsel, and Sharon Powers Sivertsen, Washington, D.C., for appellee FDIC.

F.L. Burnette II and Randall G. Horstmann of Nyemaster, Goode, McLaughlin, Voigts, West, Hansell & O'Brien, P.C., Des Moines, for appellee Centerre Bank.

Considered by HARRIS, P.J., and SCHULTZ, CARTER, SNELL, and ANDREASEN, JJ.

HARRIS, Justice.

A failed bank had served as trustee for bondholders who invested in a local industry. A successor trustee brought this equity action against the bank and a second bank which participated in loaning funds to the industry. The action is based on theories of breach of fiduciary duty. The district court ruled in favor of plaintiff trustee and fashioned a remedy intended to restore the parties to the status quo prior to the breach of fiduciary duty. We...

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