Kelly Associates, Ltd. v. Aetna Casualty & Surety Co.

McGEE, Justice.

This is a summary judgment case involving the interpretation of certain terms in a stockbroker’s blanket fidelity bond. Kelly Associates, Ltd., sued its insurer, the Aet-na Casualty and Surety Company, after Aetna refused payment on a claim made under Kelly’s blanket bond. Both parties moved for summary judgment. The trial court denied Kelly’s motion and granted Aetna’s motion that Kelly take nothing by its suit. The court of appeals affirmed the trial court judgment. 662 S.W.2d 777. We reverse the judgments of the courts below.

Prior to September 26, 1981, Kelly Associates,…