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INTERSTATE FIRE INSURANCE COMPANY v. SAYERS

No. 72-2531 Summary Calendar.

468 F.2d 1361 (1972)

INTERSTATE FIRE INSURANCE COMPANY, Plaintiff-Appellant, v. J. Ed SAYERS, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

November 14, 1972.

Attorney(s) appearing for the Case

R. Kelly Raulerson, Marietta, Ga., for plaintiff-appellant.

Virginia A. Bonner, Atlanta, Ga., for defendant-appellee.

Before BELL, DYER and CLARK, Circuit Judges.

DYER, Circuit Judge:

To accommodate Handleman Fabrics, Inc., in obtaining a loan of $30,000.00 from the Bank of Fulton County, Sayers executed an agreement to indemnify Interstate Fire Insurance Company for any loss it sustained by virtue of its issuing a financial guaranty bond as security for payment of the loan to Handleman. Subsequently Handleman defaulted and Mount Vernon Surety Company, on behalf of Interstate, the insuring company, paid the bank $25,729.16...

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