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MATTER OF UNION INDEM. INS. CO. OF NEW YORK

234 A.D.2d 70 (1996)

650 N.Y.S.2d 227

In the Matter of the Liquidation of Union Indemnity Insurance Company of New York. Manufacturers and Traders Trust Company, Appellant; Superintendent of Insurance, Respondent

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

December 10, 1996

Claimant Manufacturers and Traders Trust Company ("M & T Bank") is the beneficiary on three bonds issued by the Union Indemnity Insurance Company of New York ("Union") binding the latter as surety in conjunction with loans made by M & T Bank to principals Equine Development Corporation, Genetics International Corporation, and Marc A. St. James ("the principals"). When the bonds were issued, M & T Bank and Union were New...

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