Iowa-Des Moines National Bank & Trust Co. v. Dietz

— The Carleton D. Beh Company, a corporation located in Des Moines, Iowa, was the owner and holder of special assessment certificates issued by various cities and towns of Iowa for the purpose of defraying cost of public improvements, such as paving, sewer, curbing, etc., in the total aggregate amount of $105,078.55. These assessment certificates were payable in annual installments extending over a period of ten years. Instead of reselling these special assessment certificates to investors, the Beh Company conceived the plan of placing them in a trust and issuing against said trust fund other…