Legal Opinion
Bunge Corp. v. London & Overseas Insurance
Court of Appeals for the Second Circuit
Decided May 6, 1968No. 354, Docket 32015PublishedCited by 1 opinion
1Opinion of the Court
HAYS, Circuit Judge:
Bunge Corporation was one of the holders of warehouse receipts on vegetable oil stored in the tanks of a warehousing subsidiary of the American Express Company. In late 1963 it was discovered that a massive fraud1 had been perpetrated by one Tino De An-gelis, president of a vegetable oil concern, and that there was little or no oil in the tanks. Bunge brought suit on a contract of insurance against the issuing underwriters (hereinafter referred to collectively as “Lloyd’s”) to recover its losses. Jurisdiction is based *497on diversity of citizenship. Lloyd’s denied liability…
2Cases cited7 opinions
- Matter of Empire State Surety Co.New York Court of Appeals · 1915
- Cardinal v. State of New YorkNew York Court of Appeals · 1952
- In re the Arbitration between Vanguard Insurance & PolchlopekNew York Court of Appeals · 1966
- St. Paul Fire & Marine Insurance Co., and Third Party v. United States Lines Company, Third PartyCourt of Appeals for the Second Circuit · 1958
- American Surety Co. v. PalmerNew York Court of Appeals · 1925
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