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Heartland Holdings, Inc. v. U.S. Trust Co. of Texas N.A.

Appellant sued appellee for alleged violations of trustee duties under various, related, municipal bond indentures. Appellant first argues that the definition of "owner" contained in �1.01 of the municipal bond indentures at issue does not require that the owner's actual name appear in the bond register. This is incorrect. �1.01 clearly permits only parties whose names appear on the bond register to be considered "Owners." Houston's 14th Court of Appeals, No. 14-08-00232-CV, 04-08-2010

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Affirmed and Opinion filed April 8, 2010.

OPINION

Heartland Holdings, Inc. (“HHI”) appeals from the trial court’s grant of a plea to the jurisdiction and, in the alternative, motion for summary judgment filed by appellees’, U.S. Trust Company of Texas, N.A. and U.S. Trust Corporation (collectively “U.S. Trust”). HHI sued U.S. Trust for alleged violations of trustee duties under various, related, municipal bond indentures. In its plea/motion, U.S. Trust asserted, among other things, that HHI did not have the right to sue under the indentures because it was not listed by name on the bond register established pursuant to the indentures. On appeal, HHI contends principally that (1) in order to sue on the bonds, it was not required to be listed by name on the bond register; (2) the legal doctrines of issue preclusion and judicial estoppel bar U.S. Trust from arguing to the contrary in the present action; (3) even if being listed by name in the register was required, HHI has now fulfilled that requirement; (4) the trial court erred in refusing to permit HHI to amend its pleadings after HHI became listed by name on the bond register; and (5) the court erred in dismissing HHI’s claims “with prejudice.” We affirm.

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