[DOWNLOAD] "Richland Trust Co. v. Federal Insurance Co." by United States Court Of Appeals For The Sixth Circuit * eBook PDF Kindle ePub Free

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eBook details

• Title: Richland Trust Co. v. Federal Insurance Co.
• Author : United States Court Of Appeals For The Sixth Circuit
• Release Date : January 12, 1973
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 61 KB

Description

Appellant brought this action to recover on a banker's blanket bond it had secured from appellee insurance company to protect it from a loss by reason of having given value upon ""any securities, documents or other written instruments which prove to have been counterfeited or forged as to the signature of any maker . . . ."" Appellant had extended several loans over a three-year period to a road contractor and the corporations he controlled, but the contractor ultimately became insolvent and the bank was forced to write off the loans. When the bank discovered that the loan applications had been based in part on false financial statements submitted to it by the contractor, it demanded payment from appellee under the above-quoted bond provision. Appellee, contending that false financial statements were not ""counterfeited or forged as to the signature of any maker,"" declined liability, and this lawsuit resulted. The district court on November 7, 1972, filed a ""Memorandum and Order"" granting summary judgment for appellee on the ground that the law of Ohio, which governed the case, required that the word ""counterfeit"" in a banker's blanket bond be construed to refer to an imitation of a genuine document that was intended to be taken for the original, and that the word ""counterfeit"" was modified by the phrase ""as to the signature of any maker."" See Union Banking Company v. United States Fidelity & Guaranty Company, 4 Ohio App. 2d 397, 213 N.E.2d 191 (1965). The opinion of the district court concluded:

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