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SOUTHERN NAT. BANK OF N.C. v. UNITED PACIFIC INS.

Nos. 88-3975, 88-3989.

864 F.2d 329 (1989)

SOUTHERN NATIONAL BANK OF NORTH CAROLINA, Plaintiff-Appellant, v. UNITED PACIFIC INSURANCE COMPANY, Defendant-Appellee, v. Kenneth SASSER; Bailey Gray; Nan Ward; Hector Maclean; L. Glenn Orr; Joseph Sandlin, Third Party Defendants. SOUTHERN NATIONAL BANK OF NORTH CAROLINA, Plaintiff, v. UNITED PACIFIC INSURANCE COMPANY, Defendant-Appellant, v. Kenneth SASSER; Bailey Gray; Nan Ward; Hector Maclean; L. Glenn Orr; Joseph Sandlin, Third Party Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided January 3, 1989.

Attorney(s) appearing for the Case

Dickson McLean, Jr., Horace Edney Stacy, Jr. (McLean, Stacy, Henry & McLean, Lumberton, N.C., on brief), for plaintiff-appellant.

E.K. Powe, David E. Fox (Moore & Van Allen, Durham, N.C., on brief); Charles E. Nichols (Everett B. Saslow, Jr., Nichols, Caffrey, Hill, Evans & Murrelle, Greensboro, N.C., Ervin I. Baer, Butler, High & Baer, Fayetteville, N.C. on brief); Isley Murchison Biggs (John W. Campbell, C. Christopher Smith, Lumberton, N.C., on brief), for defendant-appellee.

Before WINTER, Chief Judge, and MURNAGHAN and SPROUSE, Circuit Judges.

MURNAGHAN, Circuit Judge:

Here we have an insured who attempts to convince us that an insurance policy means one thing even though its language plainly says another. We find the insured's contentions unpersuasive and reject its interpretation of the policy.

Southern National Bank of North Carolina ("SNB") has attempted to recover under an insurance policy for losses suffered as a result of securities fraud. The insurer, United Pacific Insurance Company ("United...

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