The appellant school boards appealed an arbitral award that dismissed their claim for a proportionate share of the respondent insurance exchange's Guarantee Fund upon terminating their memberships.
The court upheld the arbitrator's interpretation of the Reciprocal Agreement, finding that section 7 clearly extinguished a departing subscriber's rights to the fund.
The court also rejected the argument that an implied trust existed outside the contract.
The appeal was dismissed with costs awarded to the respondent.
