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FIRST FEDERAL SAV. & LOAN v. TRANSAMERICA INS.

No. 90-4015.

935 F.2d 1164 (1991)

FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF SALT LAKE CITY, Plaintiff-Appellant, v. TRANSAMERICA INSURANCE COMPANY, a California corporation, and John Clark, Defendants-Appellees.

United States Court of Appeals, Tenth Circuit.

June 13, 1991.

Attorney(s) appearing for the Case

John W. Lowe, Salt Lake City, Utah, for plaintiff-appellant.

Patrick S. Hendrickson (Clark B. Fetzer of Howell & Fetzer with him on the brief), Salt Lake City, Utah, for defendants-appellees.

Before BALDOCK, BRORBY, and McWILLIAMS, Circuit Judges.

McWILLIAMS, Circuit Judge.

First Federal Savings & Loan Association of Salt Lake City (hereinafter "First Federal") had in force and effect a Financial Institution Bond issued it by Transamerica Insurance Company, a California corporation (hereinafter "Transamerica"). The bond provided that Transamerica would pay First Federal for any loss sustained by it "resulting directly from dishonest or fraudulent acts of an Employee committed alone or in collusion with...

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