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AMERICAN NAT. BANK AND TRUST CO. v. YOUNG

No. C9-82-258.

329 N.W.2d 805 (1983)

AMERICAN NATIONAL BANK AND TRUST COMPANY, Respondent, v. Terry Robert YOUNG, Defendant, Avemco Insurance Company, Appellant.

Supreme Court of Minnesota.

February 4, 1983.

Attorney(s) appearing for the Case

Wolk & Jacob and Arthur Alan Wolk, Philadelphia, Pa., Dean K. Johnson, Bloomington, for appellant.

Geraghty, O'Loughlin & Kenney, Terence O'Loughlin and Richard J. Thomas, St. Paul, for respondent.

Heard, considered and decided by the court en banc.

TODD, Justice.

An individual claiming to be Terry Robert Young borrowed $225,000 from the American National Bank to purchase an airplane. Avemco Insurance Company furnished insurance coverage on the airplane, including a "Breach of Warranty Endorsement." The airplane was flown to Colombia where it was seized by the Colombian government. American National Bank, relying upon a deposition of Young in which he denied owning or financing the airplane, recovered $196,924...

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