Indemnity Insurance v. Prairie State Bank

This is an action to recover $5,661.74 attorney’s fees, expenses and costs incurred by plaintiff in performing its obligation to defend a suit against its indemnitee, the American Telephone and Telegraph Company, hereinafter referred to as A. T. & T. The instant action is based on the alleged liability of defendants arising out of a signature “guaranteed” by them upon an irrevocable stock power. The court sustained defendants’ motions to dismiss and on June 8, 1948, entered judgment against plaintiff. Plaintiff has appealed.

Defendants’ motions admitted the facts well pleaded. We shall recite…