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FINANCE CO. OF AM. v. U.S.F. & G. CO.

[No. 100, September Term, 1975.]

277 Md. 177 (1976)

353 A.2d 249

FINANCE COMPANY OF AMERICA, ASSIGNEE OF CREST INVESTMENT TRUST, INC. v. UNITED STATES FIDELITY AND GUARANTY COMPANY

Court of Appeals of Maryland.

Decided March 3, 1976.

Attorney(s) appearing for the Case

Argued and reargued by Sidney Kaplan, with whom were Irving Bowers and Arthur Guy Kaplan on the brief, for appellant.

Argued and reargued by William F. Mosner for appellee.

The cause was argued before MURPHY, C.J., and SMITH, LEVINE, ELDRIDGE and O'DONNELL, JJ., and reargued before MURPHY, C.J., and SMITH, LEVINE, ELDRIDGE and O'DONNELL, JJ., and CHARLES E. ORTH, JR., Chief Judge of the Court of Special Appeals and THOMAS HUNTER LOWE, Associate Judge of the Court of Special Appeals, specially assigned.

MURPHY, C.J., delivered the opinion of the Court.

Mega Marine Engineering Service Co. (Mega) entered into a contract for shore erosion work with the Maryland Department of Natural Resources (the Department), dated January 17, 1973, for the sum of $22,780; as a statutory condition precedent to the award of the contract, Mega was required to provide payment and performance bonds in accordance with Maryland Code (1974) Real Property Article, § 9-112.

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