Noma Electric Corp. v. Fidelity & Deposit Co.

This appeal is from a judgment rendered by the court sitting without a jury in a case arising out of certain “primary commercial blanket bonds” issued by the appellee to the appellant’s predecessor corporation, Triumph Explosives, Inc., under which the appellee agreed to indemnify the insured against all losses up to $50,000 incurred by it as the result of the dishonesty of the insured’s employees. The bonds covered the period from January 1, 1941, through December 31, 1942. Suit was filed in 1950. One of the numerous defenses set up by the appellee was that by entering into a settlement with…