Holman v. General Ins. Co. of America

Pee Cueiam.

Appeal from a judgment of the Hennepin County District Court.

A bond was issued May 29, 1967, binding the Minnesota Muskies, Inc. (Muskies), Larry P. Shields, then president and majority shareholder, and his wife, Patricia, as principals, and General Insurance Company of America (General) as surety, to the American Basketball Association (ABA) in the sum of $100,000. Conditions of performance were agreed to, the meeting of which would render the obligation assumed null and void. The initial bond expired May 29, 1968; a second bond of similar description was issued prior to that date…