Sokoloff v. Fidelity Cas. Co. of N. Y.

Opinion by

Mr. Justice Schaffer,

Sokoloff, the plaintiff, purchased certain promissory notes, among them the one here involved, from Commercial Acceptance Corporation, whose business speaking in general terms was the financing of persons who bought automobiles on the installment plan. Accompanying the notes, and as the security on which his purchase was made, was the bond in suit in the following terms: “The Fidelity and Casualty Company of New York..... does hereby indemnify I. Sokoloff (hereinafter referred to as the obligee) against any and all loss by reason of the failure of the Commercial…