North American Life Insurance v. Colonial Trust & Savings Bank

Mr. Presiding Justice O’Connor

delivered the opinion of the court.

The North American Life Insurance Company for the use of the Maryland Casualty Company, a corporation, brought suit against the Colonial Trust and Savings Bank to recover the amount which the Maryland Casualty Company had been required to pay to the North American Life Insurance Company, upon a breach of a bond given by the Casualty Company to the Life Insurance Company, and for which damages it claimed the defendant was primarily liable,— the theory of the suit being that the Casualty Company was subrogated to all the rights…