Legal Opinion
State ex rel. Huston v. Shearson/American Express, Inc.
Supreme Court of Iowa
Decided June 17, 1987No. 85-1825PublishedCited by 2 opinions
1Opinion of the Court
HARRIS, Justice.
Four questions have been certified from the federal court which inquire into whether a widespread brokerage practice is proscribed because the brokers are not licensed as bankers in Iowa:
When a brokerage doing business in Iowa receives money from an Iowa depositor for deposit in a state or national bank:(1) Is the brokerage, if acting in the capacity of agent for the bank, in violation of Iowa Code section 524.107(1)?(2) Is the brokerage, if acting in the capacity of agent for the Iowa depositor, in violation of Iowa Code section 524.107(1)?(3) Is the bank, if it accepts said…
2Cases cited8 opinions
- Clarke v. Securities Industry Assn.Supreme Court of the United States · 1987
- Hughes v. OklahomaSupreme Court of the United States · 1979
- Grant v. FritzSupreme Court of Iowa · 1972
- IOWA NATIONAL MUTUAL INSURANCE COMPANY v. MitchellSupreme Court of Iowa · 1981
- In Re Estate of StametsSupreme Court of Iowa · 1967
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Farmers Bank of Northern Missouri v. ErpeldingSupreme Court of Iowa · 1996
- State Ex Rel. Huston v. SHEARSON/AMERICANSupreme Court of Iowa · 1987