Employers Mutual Liability Insurance Co. of Wisconsin v. Banco Popular de Puerto Rico

Plaintiff-appellant, Employers Mutual Liability Insurance Company of Wisconsin, paid the Personnel and Budget Credit Cooperative the amount of $2,777.33 in fulfillment of its obligation under a bond issued by the former in favor of said Cooperative, to secure the losses it might sustain by reason of embezzlement, forgeries, or misappropriation of its funds by the action or omission on the part of its employees. Under the right of subrogation contained in the same bond by virtue of which it could file claims on behalf of the Cooperative against third parties for such acts of misappropriation,…