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NEW MEXICO STATE HWY. v. GULF INS.

No. 19,489.

996 P.2d 424 (1999)

128 N.M. 634

2000-NMCA-007

The NEW MEXICO STATE HIGHWAY AND TRANSPORTATION DEPARTMENT, Interpleader, v. GULF INSURANCE COMPANY, a Missouri Corporation, Claimant-Appellant, First State Bank of Socorro, a New Mexico Corporation, Claimant-Appellee.

Court of Appeals of New Mexico.

August 9, 1999.

Attorney(s) appearing for the Case

Paul Maestas, Wayne R. Suggett, Silva, Rieder & Maestas, P.C., Albuquerque, for Appellant Gulf Insurance Company.

Jerry A. Armijo, Socorro, for Appellee First State Bank.

OPINION

BUSTAMANTE, J.

{1} Having considered Gulf Insurance Company's motion for rehearing of our opinion filed June 24, 1999, we deny such motion. In doing so, we withdraw our original opinion and substitute the following.

{2} This case requires us to address an issue of first impression in New Mexico: whether a surety that issues performance and payment bonds and then satisfies claims against the contractor by paying laborers and materialmen...

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