Averill v. Holman

The Federal Surety Company, a foreign corporation organized in the state of Iowa, was in October, 1929, licensed by the state of Oregon to write in this state all lines of insurance permitted by its charter, except surety and fidelity bonds. It immediately engaged in casualty insurance business in Oregon. Thereafter, on April 1,1930, it was licensed to issue surety and fidelity bonds in this state, and in order to engage in that line of business deposited with the state treasurer $25,000 in Liberty bonds.

In the early part of 1931, because of its impaired financial condition, it ceased to do…