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ANCHOR EQUITIES v. PACIFIC COAST AMERICAN

No. 16672.

737 P.2d 532 (1987)

105 N.M. 751

ANCHOR EQUITIES, LTD., Plaintiff-Appellant, v. PACIFIC COAST AMERICAN and James J. Kelly, Plaintiffs-Appellees, v. SUNWEST FINANCIAL SERVICES, INC., Sunwest Bank of Raton, N.A., United States Fire Insurance Co., Shirley Koenig, Title Services, Inc., Title Escrows, Inc., Alan Edward Clare, the underwriting members of Lloyd's of London, Don Arthur d/b/a Don Arthur Insurance Agency, and Dwight Tope Insurance Agency, Inc., Defendants-Appellees.

Supreme Court of New Mexico.

Rehearing Denied June 4, 1987.

Attorney(s) appearing for the Case

James M. Kennedy, P.C., James M. Kenndey, Albuquerque, for appellant.

Keleher & McLeod, Robert Conklin, Albuquerque, for Don Arthur.

Montgomery & Andrews, Robert J. Mroz, Helen L. Stirling, Albuquerque, for US Fire Ins.

OPINION

WALTERS, Justice.

Appellee United States Fire Insurance Company (USFI) issued a comprehensive dishonesty, disappearance, and destruction policy to defendant Title Escrow, Inc. That policy, or fidelity bond, was purchased by Title Escrow in compliance with the Escrow Company Act. NMSA 1978, §§ 58-22-2 to 33 (Repl.Pamp. 1986).

In June 1985, appellant Anchor Equities, Ltd. (Anchor) transferred $80,254.00 into Title Escrow's trust account...

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