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FID. & DEPOSIT CO. OF MARYLAND v. SAFETY HARBOR SPA, INC.

171 A.D.2d 553 (1991)

Fidelity and Deposit Company of Maryland, Respondent, v. Safety Harbor Spa, Inc., Appellant, and Clinton Capital Corporation et al., Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

March 21, 1991

To secure a bond in the amount of $100,000 issued by Fidelity and Deposit Company of Maryland ("Fidelity"), Safety Harbor Spa Associates Ltd. Partnership ("Partnership") posted $100,000 in cash. The collateral agreement between the Partnership and Fidelity acknowledges that Partnership is the owner of the collateral. As there is no documentary or other viable evidence that the collateral belongs to Safety Harbor Spa, Inc., there is no basis to disturb the IAS court's order...

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