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TRAVELERS INDEMNITY COMPANY v. RIGGS NATIONAL BANK OF WASHINGTON

No. 17573.

323 F.2d 804 (1963)

The TRAVELERS INDEMNITY COMPANY, a corporation, Appellant, v. The RIGGS NATIONAL BANK OF WASHINGTON, D. C., Appellee.

United States Court of Appeals District of Columbia Circuit.

Decided October 3, 1963.

Attorney(s) appearing for the Case

Kahl K. Spriggs, Washington, D. C., with whom John F. Myers, Washington, D. C., was on the brief, for appellant.

John Jude O'Donnell, Washington, D. C., with whom J. Roy Thompson, Jr., Washington, D. C., was on the brief, for appellee.

Before WILBUR K. MILLER, WRIGHT and McGOWAN, Circuit Judges.

PER CURIAM.

Walker & Dunlop, Inc. sustained losses as a result of an employee's defalcations involving forgeries of checks. Appellant surety paid the amount of the losses to

Walker & Dunlop, Inc. sustained losses cover that sum, as assignee or subrogee, from appellee bank. The District Court granted appellee's motion to dismiss for failure to state a claim.

Some important commercial jurisdictions hold that where the surety pays the loss, it...

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