Regional Acceptance Corp. v. Old Republic Surety Co.

TYSON, Judge.

Defendant International Business & Mercantile Reassurance Company (“International”) appeals from the granting of summary judgment in favor of Regional Acceptance Corporation (“Regional”) in the amount of $19,297.00 plus interest. We affirm.

I. Background

On 16 September 1993, International issued a surety bond to Forsyth Auto Brokers, Inc. (“Forsyth”) pursuant to N.C. Gen. Stat. § 20-288(e) (2001). On 2 February 1994, Regional and Forsyth entered into an agreement (“Agreement”) for Regional to purchase vehicle financing contracts from Forsyth. The Agreement called for Forsyth to…