Iowa State Commerce Commission v. IGF Insurance Co.

McGIVERIN, Justice.

IGF Insurance Company appeals from a trial court judgment requiring it to turn over the proceeds of statutory grain dealer’s and warehousemen’s bonds to the Iowa State Commerce Commission. The court also ruled that the Commission could then turn the proceeds over to a trustee in bankruptcy for distribution to proper claimants. If the parties handled the funds this way, the court held IGF and the Commission would fulfill their obligations to claimants. We affirm in part and reverse in part.

The facts of this case are undisputed. The Commerce Commission oversees grain dealers…