Citicorp Homeowners, Inc. v. Western Surety Co.

OPINION

HOWARD, Judge.

The sole question on this appeal is whether Citicorp (CHI), an inventory financier that loaned money to a mobile home dealer, North American Homes, Inc., was entitled to recover from Western Surety, the dealer’s surety, against the dealer’s motor vehicle dealer license bond. On Citicorp’s motion for summary judgment, the trial court ruled in its favor and the surety appealed. We affirm.

Citicorp loaned money to North American Homes pursuant to a mobile home loan agreement and security agreement. It purchased certain installment sales contracts and security agreements from…