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FIRST NAT. BANK OF ST. PAUL v. McHASCO ELECTRIC, INC.

No. 39598.

141 N.W.2d 491 (1966)

FIRST NATIONAL BANK OF ST. PAUL, Respondent, v. McHASCO ELECTRIC, INC., Defendant, Fidelity & Casualty Company of New York, Appellant, City of Duluth and Village of New Brighton, Respondents, Village of Mound, Defendant.

Supreme Court of Minnesota.

April 1, 1966.

Attorney(s) appearing for the Case

Richard J. Leonard and David M. Beadie, St. Paul, for appellant.

Frank Hammond and Richard H. Kyle, St. Paul, for First Nat. Bank of St. Paul.

Harry E. Weinberg, City Atty., D. Peter Rask, Asst. City Atty., Duluth, for City of Duluth.

Perry Copeland, Minneapolis, for Village of New Brighton.

Robert C. Kucera, Northfield, amicus curiae for Minn. Bankers Assn.

ROGOSHESKE, Justice.

This appeal from a judgment presents the question of the priority of claims to funds withheld by municipalities on construction contracts as between the surety for the contractor (which performed the contractor's obligation to pay claims for labor and materials) and a lender bank (which loaned money to the contractor to pay such claims upon a security assignment of the contractor's right to payment upon completion of the contracts). The trial...

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