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INS. CO. OF NORTH AMERICA v. GEN. ELEC.

No. 1 CA-CIV 3507.

119 Ariz. 97 (1978)

579 P.2d 601

INSURANCE COMPANY OF NORTH AMERICA, a Pennsylvania Corporation, Appellant, v. GENERAL ELECTRIC CREDIT CORPORATION, a New York Corporation, Appellee.

Court of Appeals of Arizona, Division 1, Department C.

May 9, 1978.

Attorney(s) appearing for the Case

Black, Robertshaw, Frederick, Copple & Wright, P.C. by Jon R. Pozgay, Phoenix, for appellant.

Streich, Lang, Weeks, Cardon & French, P.A. by Earl E. Weeks, Don P. Martin, Phoenix, for appellee.

OPINION

SCHROEDER, Judge.

This is an action by appellee, General Electric Credit Corporation (GECC), to recover against a motor vehicle dealer license bond required to be posted under A.R.S. § 28-1305(B). The bond, in the amount of $10,000.00, was issued by appellant, Insurance Company of North America (ICNA), as surety on behalf of All State Trailer Sales, Inc.

GECC was All State's inventory financer under an agreement entered into in 1972. That...

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