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UNITED VIRGINIA FACTORS v. AETNA CAS., ETC.

No. 79-1132.

624 F.2d 814 (1980)

UNITED VIRGINIA FACTORS CORPORATION, Appellee, v. The AETNA CASUALTY AND SURETY COMPANY, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided June 19, 1980.

Attorney(s) appearing for the Case

James L. Sanderlin, Richmond, Va. (Henry V. McVey, III, Thomas M. Wolf, McGuire, Woods & Battle, Richmond, Va., on brief), for appellant.

Robert P. Buford, Richmond, Va. (E. Milton Farley, III, Lathan M. Ewers, Jr., Joseph C. Kearfott, Hunton & Williams, Richmond, Va., on brief), for appellee.

Before RUSSELL, Circuit Judge, FIELD, Senior Circuit Judge, and SPROUSE, Circuit Judge.

FIELD, Senior Circuit Judge:

The question presented by this appeal is whether a loss suffered by United Virginia Factors Corporation (Factors) is covered by the blanket bond issued by The Aetna Casualty and Surety Company (Aetna). The district court found the loss to be compensable and entered summary judgment against Aetna in the amount of $550,000 which was the stipulated amount of the loss. Aetna has appealed.

Factors is engaged in the business of factoring...

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