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ELDRED v. MERCHANTS NAT. BANK

No. 90-270.

468 N.W.2d 221 (1991)

Galen ELDRED; V.J. Kopecky; Stella Kopecky; Maxine Ferreter; Steven E. Eldred, Custodian; G. Terry Eldred, Custodian; Milton Kopecky; Edward Straka; Darleen Straka; Otto Straka; Frances Winchell; Harlan A. McKinney; Ruth McKinney; Raymond Conrad; Lois Holsinger, Deceased; and Arlene Topinka and Irene Conrad, On Behalf of Themselves and Others Similarly Situated, Appellants, v. The MERCHANTS NATIONAL BANK OF CEDAR RAPIDS, Appellee, and State of Iowa; McGladrey, Hendrickson and Pullen, A Partnership; and John Doe, Defendants.

Supreme Court of Iowa.

April 17, 1991.

Attorney(s) appearing for the Case

Nick Critelli of Nick Critelli Associates, P.C., Des Moines, for appellants.

Robert G. Allbee, Wade R. Hauser III, and Andrew J. Bracken of Ahlers, Cooney, Dorweiler, Haynie, Smith & Allbee, P.C., Des Moines, for appellee.

Considered by HARRIS, P.J., and LARSON, NEUMAN, SNELL, and ANDREASEN, JJ.

ANDREASEN, Justice.

This is a case of first impression in Iowa. It poses the question whether an indenture trustee owes fiduciary duties to investors beyond those set out in the indenture. We hold it does not and affirm.

I. Background.

This is the third appeal to reach this court arising out of the bankruptcy of Mor-America Financial Corporation (MorAmerica) and its subsidiaries. See Eldred v. McGladrey, Hendrickson & Pullen,

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