TRANSAMERICA INS. v. FDIC

No. C6-90-1025.

465 N.W.2d 713 (1991)

TRANSAMERICA INSURANCE COMPANY, Appellant, v. FEDERAL DEPOSIT INSURANCE CORPORATION as Receiver of Beaver Creek State Bank, Respondent, Myron A. Kruse, Respondent.

Court of Appeals of Minnesota.

Review Granted April 29, 1991.


Attorney(s) appearing for the Case

R.D. Blanchard, Thomas H. Crouch, Meagher & Geer, Minneapolis, for appellant.

Brian E. Palmer, Michael A. Lindsay, Dorsey & Whitney, Minneapolis, John D. Scholl, Worthington, for respondent.

Considered and decided by GARDEBRING, P.J., and RANDALL and DAVIES, JJ.


OPINION

DAVIES, Judge.

Appellant insurer argues its fidelity bond did not cover actions of the bank's president/owner and that there was no loss within the meaning of the bond. Appellant also argues that the trial court should not have granted summary judgment and should have allowed amendment of the complaint. We affirm.

FACTS

Using borrowed money Myron A. Kruse purchased a majority of the stock of the Beaver Creek State Bank (BCSB), becoming...

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