Tubbs v. United Central Bank, N.A.

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 that approximately 4500 acres of farmland and several “participation” notes in the hands of UCB must be turned over to…