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UNITED PACIFIC INSURANCE COMPANY v. STANFORD

No. 72-1487.

486 F.2d 556 (1973)

UNITED PACIFIC INSURANCE COMPANY, a corporation, Plaintiff-Appellee, v. Harold M. STANFORD, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

October 19, 1973.

Attorney(s) appearing for the Case

Patrick M. Smith (argued), Robert S. Ball, Richard M. Sandvik, of Smith, Todd & Ball, Portland, Ore., for defendant-appellant.

Daniel J. Seifer (argued), Paul R. Meyer, of Kobin & Meyer, Portland, Ore., for plaintiff-appellee.

Lee Johnson, Atty. Gen., Dale T. Crabtree, Asst. Atty. Gen., Salem, Ore., for the amicus curiae.

Before MERRILL and TRASK, Circuit Judges, and JAMESON, District Judge.

MERRILL, Circuit Judge:

This diversity case presents the question: Which statute of limitations applies to the liability of a surety to a third party for the tortious act of its principal? Is it the statute applying to the tort of the principal, or is it the statute applying to the surety's contract with the principal? We hold it to be the latter.

Oregon securities laws, ORS § 59.005, et seq., require dealers in securities to secure an indemnity agreement...

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