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PHOENIX INSURANCE COMPANY v. IACONA

Civ. A. No. 683-60.

193 F.Supp. 241 (1961)

PHOENIX INSURANCE COMPANY, a corporation, Plaintiff, v. Guy B. IACONA, doing business as Arrow Iron Works, et al., (94) Security Mutual Insurance Company of New York, Defendants.

United States District Court D. New Jersey.

April 20, 1961.

Attorney(s) appearing for the Case

Aristo Dallavalle, Newark, N. J., for plaintiff. Myron Engelman, Henry H. Abrams, New York City, of counsel.

John J. Corcoran, Jr., Jersey City, N. J., for defendant-claimant Ralph Grasso.

HARTSHORNE, District Judge.

This is an interpleader action, started in November, 1959, in which the bondholder (Phoenix) has deposited with the Clerk of the Court a bond in the amount of the performance bond ($340,000) in which Phoenix was surety and Urban Residential No. 1 and County Trust Company were the obligees. Colonial Construction Company, Inc. was to perform under a construction contract and, if Colonial were to default under the contract, Phoenix, as surety...

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