United States Fidelity & Guaranty Co. v. Michigan Bank

OPINION

WREN, Judge.

This appeal seeks an interpretation of the phrase “sales contracts or agreements” contained in A.R.S. § 2-153* which required that aircraft dealers file a bond “conditioned for the faithful performance of all sales contracts or agreements.” Aircraft dealer was defined in A.R.S. § 2-151*:

“1. ‘Aircraft dealer’ means any person engaged in the sale or brokerage of any new or used aircraft, or a commercial flight operator or fixed based operator who is engaged in the sale or brokerage of new or used aircraft and has an established place of business.”

The issue arose when the…