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RAPID CITY PRO. CR. ASS'N v. TRANSAMERICA INS. CO.

No. 10776.

184 N.W.2d 49 (1971)

RAPID CITY PRODUCTION CREDIT ASSOCIATION, Plaintiff-Respondent, v. TRANSAMERICA INSURANCE COMPANY, Defendant-Appellant.

Supreme Court of South Dakota.

February 25, 1971.

Attorney(s) appearing for the Case

Bangs, McCullen, Butler, Foye & Simmons, Rapid City, for plaintiff-respondent.

Overpeck, Hamblin & Mueller, Belle Fourche, for defendant-appellant.

RENTTO, Presiding Judge.

The plaintiff, a membership association consisting of farmers and ranchers formed under the laws of the United States for the purpose of extending credit to its members for their operations, brings this action to recover from the defendant as surety for Madden's Livestock Market, Inc., of St. Onge, South Dakota, for the wrongful conversion of cattle by Madden's Market. Mr. J. M. Madden was its principal owner and

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