First Federal Savings Bank v. Continental Casualty Co.

MEMORANDUM AND ORDER

THEIS, District Judge.

This matter is before the court on the motion of defendant for summary judgment. (Doc. 62). This diversity action is a demand for a money judgment arising from a fidelity bond. Plaintiff claims that it incurred losses on certain loans, and that these losses are covered under the terms of a Savings and Loan Blanket Bond (“the Bond”) issued to plaintiff by defendant’s predecessor.

I. Stipulated, Facts

1. On November 1,1983 MGIC Indemnity Corporation issued the subject Bond. Defendant (“CNA”) is the successor underwriter of the Bond.

2. Construction…