State Ex Rel. Wagner v. AMWEST SURETY INSURANCE COMPANY

Saxton, Inc., entered into four lease agreements with Strategic Capital Resources, Inc. (Strategic), then contracted with Amwest Surety Insurance Company (Amwest) to issue four corresponding lease bonds under which Amwest agreed to provide payment to Strategic in the event that Saxton defaulted. Amwest became subject to an order of liquidation, pursuant to which Amwest’s lease bonds were canceled and a statutory liquidator was appointed to manage claims made against Amwest.

Following the termination of the lease bonds, Strategic provided Amwest with written notice of Saxton’s default. The…