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ST. PAUL FIRE & MARINE INS. CO. v. VDE CORP.

No. 08-2576.

603 F.3d 119 (2010)

ST. PAUL FIRE & MARINE INSURANCE CO., Plaintiff, Appellee, v. VDE CORPORATION, Defendant, Appellant, Banco Santander Puerto Rico, Defendant.

United States Court of Appeals, First Circuit.

Decided May 5, 2010.

Attorney(s) appearing for the Case

Edilberto Berríos-Pérez, with whom Fernando E. Longo-Quiñones and Berríos & Longo Law Offices, P.S.C., were on brief for appellant.

Leslie Alvarado-Lliteras, with whom Carlos A. Steffens and Alvarado, Viñas & Fernández, P.S.C., were on brief for appellee.

Before TORRUELLA, LIPEZ and HOWARD, Circuit Judges.

LIPEZ, Circuit Judge.

Defendant VDE Corporation (VDE) appeals from the district court's grant of summary judgment in favor of plaintiff St. Paul Fire & Marine Insurance Company (St. Paul) releasing St. Paul from its obligations under a construction performance bond. After careful review, we affirm.

I.

The relevant facts are largely undisputed. In the spring and summer of 2005, VDE arranged for the construction and financing of a residential real...

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