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TUBBS v. UNITED CENT. BANK. N.A.

No. 87-1691.

451 N.W.2d 177 (1990)

Edward TUBBS, State Superintendent of Banking, State of Iowa, Receiver, Appellant, v. UNITED CENTRAL BANK, N.A., DES MOINES, Iowa n/k/a First Interstate Bank of Des Moines, N.A., Appellee.

Supreme Court of Iowa.

As Corrected January 25 and January 29, 1990.

Attorney(s) appearing for the Case

Mark E. Schantz and Richard A. Malm of Dickinson, Throckmorton, Parker, Mannheimer & Raife, P.C., Des Moines, for appellant.

Ross H. Sidney and Patrick J. McNulty of Grefe & Sidney, Des Moines, for appellee.

Considered by LARSON, P.J., and SCHULTZ, CARTER, LAVORATO and ANDREASEN, JJ.

LARSON, Justice.

The Exchange Bank of Bloomfield, Iowa, was closed in 1983 by the Iowa Superintendent of Banking, upon his determination that the bank was insolvent. The superintendent, acting as receiver for the bank's depositors, sued the United Central Bank, N.A. (UCB), now known as First Interstate Bank of Des Moines, N.A.: (1) for damages for conspiring with and aiding and abetting the Exchange Bank principals in causing the bank's insolvency; and (2) for a declaration...

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