Franklin National Bank of Minneapolis v. St. Paul Fire & Marine Insurance Co.

SHERAN, Chief Justice.

Appeal from a judgment of the district court entered pursuant to its order granting defendant’s motion for summary judgment. We affirm.

The question for decision is whether a loss sustained when Eugene R. Anderson defaulted upon loans secured from plaintiff, Franklin National Bank of Minneapolis, is covered by a policy of insurance issued by defendant, St. Paul Fire & Marine Insurance Company. The policy obligates defendant to indemnify plaintiff for loss occurring through “common-law or statutory larceny * * * theft, false pretenses * * * or credit extended on the faith…