Huston v. Exchange Bank

CARTER, Justice.

This appeal concerns the action of the receiver of an insolvent “private bank” denying priority status to the claims of two lawyers seeking recovery of funds deposited as client trust accounts. The district court upheld the action of the receiver. We affirm the judgment of the district court.

D.W. Harris and Vern M. Ball are lawyers practicing in Bloomfield, Iowa. At the time the Exchange Bank of that city was placed in receivership on September 13, 1983, D.W. Harris had on deposit in that bank the sum of $5109.13 in an account entitled “D.W. Harris Client Trust Account.” Vern…