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NORTH CAROLINA NATIONAL BANK v. UNITED STATES CASUALTY CO.

No. 8812.

317 F.2d 304 (1963)

NORTH CAROLINA NATIONAL BANK, Appellant, v. UNITED STATES CASUALTY COMPANY, Appellee.

United States Court of Appeals Fourth Circuit.

Decided May 20, 1963.

Attorney(s) appearing for the Case

Whiteford S. Blakeney, Charlotte, N. C. (Blakeney, Alexander & Machen, Charlotte, N. C., on brief), for appellant.

John H. Anderson, Jr., Raleigh, N. C., and Guy T. Carswell, Charlotte, N. C. (Smith, Leach, Anderson & Dorsett, Raleigh, N. C., James F. Justice, and Carswell & Justice, Charlotte, N. C., on brief), for appellee.

Before SOBELOFF, Chief Judge, and HAYNSWORTH and J. SPENCER BELL, Circuit Judges.

HAYNSWORTH, Circuit Judge.

Under its "Bankers Blanket Bond," the Bank seeks to recover from the casualty company the amount of a large loss it suffered on a loan purportedly secured by accounts receivable, which, in fact, did not exist. It does so on the theory that copies of invoices deposited with and assigned to the Bank as evidence of the receivables were counterfeited within the meaning of the indemnity bond, because, though issued and assigned by authorized...

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