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HOME SAV. & LOAN v. AETNA CAS. & SUR.

No. 890101-CA.

817 P.2d 341 (1991)

HOME SAVINGS AND LOAN, a Utah corporation, Plaintiff and Appellee, v. The AETNA CASUALTY AND SURETY COMPANY, Defendant and Appellant.

Court of Appeals of Utah.

August 6, 1991.

Attorney(s) appearing for the Case

Lynn S. Davies (argued) and Russell C. Fericks, Richards, Brandt, Miller & Nelson, Salt Lake City, for defendant and appellant.

Gary R. Howe, P. Bryan Fishburn (argued) and Scott A. Call, Callister, Duncan & Nebeker, Salt Lake City, for plaintiff and appellee.

Before BENCH, BILLINGS and GREENWOOD, JJ.

OPINION

GREENWOOD, Judge:

Aetna Casualty and Surety Company appeals the trial court's ruling that a loss incurred by Home Savings and Loan was covered by a fidelity bond issued to Home by Aetna. Home made a total of forty-two second mortgage loans to individuals (AFCO investors) who had been referred to Home by Grant Affleck. The loan proceeds were invested in AFCO, which was controlled by Affleck. Following the financial demise of Affleck and AFCO, the...

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