General Electric Credit Corp. v. United Pacific Insurance

This is an appeal from a judgment dismissing plaintiffs complaint with prejudice. Plaintiff alleged two causes of action to recover on a motor vehicle dealer surety bond, one to recover $15,000 for losses sustained in 1981 and a second to recover $14,898 for 1982. Defendant successfully asserted that there was but one continuing bond and that defendant’s liability was fully discharged by payment of the bond limit, $15,000, to another prior lien claimant. On appeal, plaintiff challenges the court’s determination that the bond was continuing rather than a separate bond of $15,000 for each year.

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