Leach v. State Sav. Bank of Logan

• Decision Date: 21 June 1926
• Docket Number: No. 37222.,37222.
• Citation: 202 Iowa 97,209 N.W. 421
• Parties: LEACH, STATE SUPERINTENDENT OF BANKING, v. STATE SAV. BANK OF LOGAN ET AL.
• Court: Iowa Supreme Court

202 Iowa 97

209 N.W. 421

LEACH, STATE SUPERINTENDENT OF BANKING,

v.STATE SAV. BANK OF LOGAN ET AL.

No. 37222.

Supreme Court of Iowa.

June 21, 1926.

Appeal from District Court, Harrison County; Earl Peters, Judge.

This case involves a question of preference in favor of certain claimants in a bank receivership proceedings. The district court allowed the preference and the receiver has appealed. Reversed.

See, also, 209 N. W. 422.Ben J. Gibson, Atty. Gen., and P. E. Roadifer, of Logan, for appellants.

Bolter & Murray and Robertson & Havens, all of Logan, for appellees.

EVANS, J.

[1] The appellant is the superintendent of banking of the state of Iowa, and as such has became the receiver of the State Savings Bank of Logan, insolvent. The appellee, Harrison county, has a deposit in the insolvent bank to a large amount. It made application to the receiver that its claim be established as a preferred claim under the provisions of section 3825a, Code Supplement 1913. Five other municipal corporations, who also had deposits in the insolvent bank, made like applications respectively, each claiming a right of preference under the provisions of the above-noted statute. The receiver denied the claims for preference, but classified each claim as a general deposit. He made report accordingly to the district court, and asked that his report be reviewed and approved. The claimants appeared in the district court and resisted the approval of the report and there pressed their claims for preference. The district court allowed the preference to each claimant. It was from such order that the receiver appealed.

[2] The insolvent bank went into the hands of the receiver in May, 1923. The receivership proceeding and the method of disbursement thereunder are governed by the statute then in force. This was chapter 189 of the Laws of the 40th G. A. amending section 1877 of the Code. This statute was construed by us in Leach v. Exchange State Bank (Iowa) 203 N. W. 31. This case is decisive of the controlling question presented herein. The case at bar was decided below before publication of our opinion in Leach v. Exchange State Bank. The decision below was undoubtedly influenced by our holding in Re Marathon Savings Bank, 198 Iowa, 692, 196 N. W. 729, 200 N. W. 199. In that case we declared the state of law as it was at the time that receivership was instituted, and held that the method of disbursement of the assets of the insolvent was controlled by section 3825a, Code Supplement of 1913. Our holding in Re Marathon Savings Bank would have controlled the decision in the instant case, if there had been no intervening change in the statute prior to the receivership proceeding herein. The principal contention for the appellee is that the appellant has no right to raise any question here on appeal which he did not raise at the trial in the district court. The contention is that the receiver did not make the point in the district court that the question at issue was controlled by the later statute. It is urged, therefore, that he waived the point. It is urged also that a certain stipulation by the parties in the district court amounted to such a waiver. Such stipulation contained the following:

“It is further agreed that the matter of the allowance of said claims, and the issue to be determined by the court is whether or not said claims should be given preference over the claims of depositors and other creditors under and by virtue of section 3825a of the 1913 Supplement to the Code, and that such issue is properly raised by the pleading in each case.”

Reliance is also had upon the following prayer of the receiver as a part of his report:

“That a day of hearing be fixed upon each of the foregoing claims and the claims be consolidated and submitted together upon the question of preference under ...