Legal Opinion
Transamerica Insurance Co. v. Federal Deposit Insurance Corp.
Court of Appeals of Minnesota
Decided April 29, 1991No. C6-90-1025PublishedCited by 7 opinions
1Opinion of the Court
OPINION
DAVIES, Judge.
Appellant insurer argues its fidelity bond did not cover actions of the bank’s president/owner and that there was no loss within the meaning of the bond. Appellant also argues that the trial court should not have granted summary judgment and should have allowed amendment of the complaint. We affirm.
FACTS
Using borrowed money Myron A. Kruse purchased a majority of the stock of the Beaver Creek State Bank (BCSB), becoming its president and chairman of its board of directors. Kruse’s ownership reached 93.5 percent. In May 1983 BCSB purchased a fidelity bond from appellant…
2Cases cited15 opinions
- Betlach v. Wayzata CondominiumSupreme Court of Minnesota · 1979
- Bangor Punta Operations, Inc. v. Bangor & Aroostook RailroadSupreme Court of the United States · 1974
- Nord v. HerreidSupreme Court of Minnesota · 1981
- Sauter Ex Rel. Benson v. SauterSupreme Court of Minnesota · 1955
- Wilson v. City of EaganSupreme Court of Minnesota · 1980
10 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Federal Deposit Ins. Corp. v. Bancinsure, Inc.District Court, D. Minnesota · 1991
- Avon State Bank v. BancInsure, Inc.Court of Appeals for the Eighth Circuit · 2015
- Transamerica Insurance Co. v. Federal Deposit Insurance Corp.Supreme Court of Minnesota · 1992
- State v. Jesse J. DelebreauWisconsin Supreme Court · 2015
- Summit National Life Ins. v. Cargill, Inc.District Court, E.D. Pennsylvania · 1992
2 more not listed; retrieve them via the Exa API.