Insurance Co. of North America v. General Electric Credit Corp.

OPINION

SCHROEDER, Judge.

This is an action by appellee, General Electric Credit Corporation (GECC), to recover against a motor vehicle dealer license bond required to be posted under A.R.S. § 28-1305(B). The bond, in the amount of $10,000.00, was issued by appellant, Insurance Company of North America (ICNA), as surety on behalf of All State Trailer Sales, Inc.

GECC was All State’s inventory financer under an agreement entered into in 1972. That agreement gave GECC a security interest in the inventory which it financed and the proceeds of the sale of that inventory. The agreement further…