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GATEWAY STATE BANK v. NORTH RIVER INS. CO.

No. 85-1190.

387 N.W.2d 344 (1986)

GATEWAY STATE BANK, A Corporation, Appellee, v. The NORTH RIVER INSURANCE COMPANY, A Corporation, Appellant.

Supreme Court of Iowa.

May 21, 1986.

Attorney(s) appearing for the Case

Thomas J. Shields of Lane & Waterman, Davenport, and Edward P. McNeela and Neal R. Novak of McNeela & Griffin, Ltd., Chicago, Ill., for appellant.

Richard W. Farwell and James D. Bruhn of Shaff & Farwell, Clinton, for appellee.

Considered by UHLENHOPP, P.J., and McGIVERIN, LARSON, SCHULTZ and CARTER, JJ.

SCHULTZ, Justice.

This appeal involves the interpretation of a banker's blanket bond. Gateway State Bank initiated a declaratory judgment action against North River Insurance Company, claiming the loss the bank incurred was covered under the terms of the bond. Thereafter, both parties moved for summary judgment and the district court granted summary judgment for the bank. The insurance company appeals and asserts the terms of the bond do not cover the bank's loss...

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