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WASATCH BANK v. SURETY INS. CO. OF CALIFORNIA

No. 19158.

703 P.2d 298 (1985)

WASATCH BANK OF PLEASANT GROVE, a corporation, Plaintiff and Appellant, v. SURETY INSURANCE COMPANY OF CALIFORNIA, a corporation, Defendant and Respondent.

Supreme Court of Utah.

July 8, 1985.

Attorney(s) appearing for the Case

S. Rex Lewis, Provo, for plaintiff and appellant.

Carman E. Kipp, Stephen F. Hutchinson, Salt Lake City, for defendant and respondent.

HALL, Chief Justice:

In February 1981, Surety Insurance Company of California (Surety) issued a $150,000 labor and materials payment bond on behalf of ATM Masonry (ATM), a subcontractor for the construction of a public school building. Wasatch Bank of Pleasant Grove (Wasatch) loaned ATM $50,000 to pay for labor and materials used in the performance of the subcontract, taking as security an assignment of ATM's right to receive payment under ATM's agreement with the...

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