Legal Opinion
First Dakota National Bank v. BancInsure, Inc.
South Dakota Supreme Court
Decided July 30, 2014No. 26921PublishedCited by 4 opinions
1Opinion of the Court
WILBUR, Justice.
[¶ 1.] In answer to a certified question from the United States District Court for the District of South Dakota, we conclude that the Financial Institution Bond in this case is not a surety contract.
Background
[¶ 2.] First Dakota National Bank purchased a Financial Institution Bond from Banclnsure, Inc. to provide coverage for liability issues that could arise in the course of its operations. The Bond provides in pertinent part:
Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days after the original proof…
2Cases cited13 opinions
- State Ex Rel. Department of Transportation v. ClarkSouth Dakota Supreme Court · 2011
- In Re Appeal From the Final Decision of the South Dakota Department of Labor, Unemployment Insurance Division, for AdamsSouth Dakota Supreme Court · 1983
- In Re the Expungement of Records Related to OliverSouth Dakota Supreme Court · 2012
- AEG Processing Center No. 58, Inc. v. South Dakota Department of RevenueSouth Dakota Supreme Court · 2013
- Matthews v. South Dakota Department of Social ServicesSouth Dakota Supreme Court · 2012
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3Cited by4 opinions
- Application of Black Hills PowerSouth Dakota Supreme Court · 2016
- Deiter v. Xl Specialty Ins. Co.South Dakota Supreme Court · 2022
- Deiter v. XL Specialty Insurance Co.District Court, D. South Dakota · 2022
- Wilbur-Ellis Company LLC v. JensDistrict Court, D. South Dakota · 2025