ARDI EXCHANGE V VALLEY NATIONAL BANK AND EVANS

(1993) 2 Re LR 12

United States Iowa District Court Fifth Judicial District of Iowa

Before Judge Joel D Novak

Insolvency - Trust fund - Risk retention group - Reinsurance arrangements requiring trust fund established in Iowa - Trust account established in name of reinsurer’s proposed successor - Proposed successor placed in receivership - Declaratory judgment by default against reinsurer in favour of reinsured - Whether judgment precluded proposed successor from asserting claim against fund - Whether proposed successor had any rights or interests to trust funds.