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MATTER OF UNION INDEMNITY INSURANCE COMPANY

299 A.D.2d 203 (2002)

749 N.Y.S.2d 250

In the Matter of the Liquidation of UNION INDEMNITY INSURANCE COMPANY. 43 WEST 61ST STREET ASSOCIATES, Appellant; SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK, Respondent.

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

Decided November 14, 2002.

After LSR allegedly defaulted, claimant Associates in November 1985 entered into an Assumption Agreement with Luis Electrical Contracting Corp. (Luis) for the completion of the work. Thereafter, Associates filed a claim for payment of the bonds issued by Union Indemnity insuring LSR's performance of its subcontract. For the reasons that follow, Associates' claim was properly disallowed.

The obligation of a surety or guarantor of due performance of a contract cannot...

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