Insurance Co. of North America v. Fredonia State Bank

MOORE, Justice.

This is an appeal from a summary judgment. The present controversy is but a phase of the entire litigation arising out of the alleged frauds connected with the ultimate collapse of Sacul State Bank. The Federal Deposit Insurance Corporation (hereinafter referred to as F.D.I.C.) was appointed receiver of Sacul State Bank and in that capacity filed suit against Insurance Company of North America seeking recovery on the Banker’s Blanket Bond issued by the insurance company covering the fidelity of A. J. Gordon, Sacul’s executive vice president. Insurance Company of North America,…