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SELECTIVE INS. v. NCNB NAT. BANK OF N.C.

No. 8710SC406.

372 S.E.2d 876 (1988)

91 N.C. App. 597

SELECTIVE INSURANCE COMPANY OF the SOUTHEAST, Plaintiff, v. NCNB NATIONAL BANK OF NORTH CAROLINA and the State of North Carolina, Defendants. NCNB NATIONAL BANK OF NORTH CAROLINA, Third-Party Plaintiff, v. AIRBORNE FREIGHT CORPORATION d/b/a Airborne Express, Third-Party Defendant.

Court of Appeals of North Carolina.

October 18, 1988.

Attorney(s) appearing for the Case

Petree, Stockton and Robinson by Ray S. Farris and J. Neil Robinson, Charlotte, for plaintiff-appellant, Selective Ins. Co. of the Southeast.

Smith, Helms, Mulliss and Moore by E. Osborne Ayscue, Jr., and Benne C. Hutson, Charlotte, for defendant-appellant, NCNB Nat. Bank of North Carolina.

Attorney General Lacy H. Thornburg by Asst. Atty. Gen. Angeline M. Maletto, Raleigh, for defendant-appellee, State of N.C.

COZORT, Judge.

Plaintiff sued defendants State of North Carolina (hereinafter State) and the North Carolina National Bank (hereinafter NCNB) when securities plaintiff had on deposit with the Commissioner of Insurance were lost or stolen. The Commissioner required plaintiff to make and maintain deposits of securities as a condition of doing business in North Carolina. In December 1984, plaintiff asked the Commissioner of Insurance to release the deposited securities...

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