Fidelity & Deposit Co. v. Bank of Bladenboro

MEMORANDUM OPINION AND ORDER

LARKINS, Chief Judge:

In the case of Clarendon Bank & Trust Company v. Fidelity & Deposit Company of Maryland, 406 F.Supp. 1161, (E.D.Va.1975), Clarendon Bank & Trust recovered $307,-*888812.00 from Fidelity and Deposit (F&D) under the banker’s blanket bond issued by F&D for loss sustained by CB&T as a result of allowing Car Retailers to draw on drafts deposited to its account, which deposits were ultimately dishonored. F&D, as subrogee of CB&T in this action seeks to recover the sum it paid out to CB&T from the collecting banks in the collection chain, i. e., The…