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STATE BANK OF VIROQUA v. CAPITOL INDEMNITY

No. 215.

61 Wis.2d 699 (1974)

214 N.W.2d 42

STATE BANK OF VIROQUA, Appellant, v. CAPITOL INDEMNITY CORPORATION, Respondent.

Supreme Court of Wisconsin.

Decided January 21, 1974.

Attorney(s) appearing for the Case

For the appellant the cause was submitted on the briefs of William J. Sauer of La Crosse.

For the respondent the cause was submitted on the brief of Bruce Gillman and Arthur, Tomlinson & Gillman, S. C., all of Madison.

HALLOWS, C. J.

On March 26, 1969, while the bond was in force and effect, the bank loaned $8,275 to one James DeLap who secured the loan with an agreement whereby Viola Motors, Inc., sold eight hay balers to him and one Leon Mellem. The agreement was assigned by Viola Motors, Inc., to the bank. About four months later, in July of 1969, there was a default on the loan and the bank resorted to the security and made demand on Leon Mellem for payment. Mellem refused liability...

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