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F. & M. STATE BANK v. ST. PAUL FIRE & MARINE

No. 46134.

242 N.W.2d 840 (1976)

FARMERS & MERCHANTS STATE BANK OF PIERZ, Respondent, v. ST. PAUL FIRE & MARINE INSURANCE COMPANY, Appellant.

Supreme Court of Minnesota.

May 28, 1976.

Attorney(s) appearing for the Case

Meagher, Geer, Markham, Anderson, Adamson, Flaskamp & Brennan and O. C. Adamson II, R. D. Blanchard and John H. Riley, Minneapolis, for appellant.

Rider, Bennett, Egan, Johnson & Arundel and Richard J. Nygaard and William J. George, Minneapolis, for respondent.

Heard before ROGOSHESKE, PETERSON, and YETKA, JJ., and considered and decided by the court en banc.

ROGOSHESKE, Justice.

This appeal raises the issue of whether the issuer of a bankers fidelity bond is obligated to indemnify the insured bank for legal expenses incurred by the bank in defense and settlement of a customers' suit for damages alleging fraudulent acts on the part of the bank and three of its officer-directors. Contrary to the trial court's determination, we hold that the stipulated facts, including the allegations of the customers' complaint and facts...

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