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RACINE COUNTY NAT. BANK v. AETNA CAS. & S. CO.

No. 299.

56 Wis.2d 830 (1973)

203 N.W.2d 145

RACINE COUNTY NATIONAL BANK, Appellant, v. AETNA CASUALTY & SURETY COMPANY, Respondent.

Supreme Court of Wisconsin.

Decided January 15, 1973.

Attorney(s) appearing for the Case

For the appellant there were briefs by Schoone, McManus & Hanson, S.C., attorneys, and Robert J. Grady of counsel, all of Racine, and oral argument by Adrian P. Schoone.

For the respondent there was a brief by Borgelt, Powell, Peterson & Frauen, attorneys, and Thomas N. Klug and Thomas H. Knoll of counsel, all of Milwaukee, and oral argument by Mr. Klug.

BEILFUSS, J.

The issue before us is:

Was the loss sustained by the bank due to the nonpayment of the loan so as to bar the bank's recovery under the loan exclusion clause contained in the bond?

The appellant argues that the bond covers the loss of surrendered securities because it was fraudulently induced to release them to Studey and because the securities were within the definition of property and covered by insuring clause (B). This contention is...

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