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ST. PAUL FIRE & MARINE INS. v. BRANCH BANK & TRUST

No. 86-3627.

834 F.2d 416 (1987)

ST. PAUL FIRE AND MARINE INSURANCE COMPANY, Plaintiff-Appellant, v. BRANCH BANK AND TRUST COMPANY, Defendant-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided December 9, 1987.

Attorney(s) appearing for the Case

Roger Arlin Milam (Milam & Strain, Nashville, Tenn., George W. Miller, Jr.; Haywood, Denny, Miller, Johnson, Sessoms & Haywood, Durham, N.C., on brief) for plaintiff-appellant.

Arch T. Allen, III (William D. Dannelly; Moore & Van Allen, Raleigh, N.C., on brief), for defendant-appellee.

Before WIDENER and HALL, Circuit Judges, and KISER, United States District Judge for the Western District of Virginia, sitting by designation.

K.K. HALL, Circuit Judge:

St. Paul Fire and Marine Insurance Company ("St. Paul") appeals from the district court's order granting the defendant's motion for summary judgment in this diversity action. We affirm.

I.

In April of 1982, St. Paul, an insurance company incorporated in Minnesota, issued a Banker's Blanket Bond insuring Branch Banking and Trust Company ("BB & T"), a bank incorporated in North Carolina. Pursuant to insuring clause (A...

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