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INDIVIDUALS SECURITIES, LTD. v. AMERICAN INTERNATIONAL GROUP, INC.

34 A.D.3d 643 (2006)

826 N.Y.S.2d 92

INDIVIDUALS SECURITIES, LTD., Appellant, v. AMERICAN INTERNATIONAL GROUP, INC., et al., Respondents.

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

Decided November 21, 2006.

Ordered that the order is affirmed insofar as appealed from, with costs.

The facts underlying the complaint arose from the defendants' failure to cover the plaintiff's alleged loss under the terms of a securities dealer blanket bond (hereinafter the bond). The plaintiff discovered the loss in February 1989 and reported it to the defendants in May or June of 1989. Under the terms of the bond, any legal proceeding for recovery of a loss thereunder had to be commenced...

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