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- Title
Fidelity Bond Limitations on Recovery.
- Authors
Darr, Frank P.
- Abstract
The article focuses on a case involving fidelity bond limitations on recovery in Texas. The directors of a failed savings and loan have sued the issuer of a banker's blanket bond under a state statute for failure to pay a claim. But they could not recover on a banker's blanket bond because there was no direct and close relationship between the wrongdoer and the claimant. The court of appeals noted that the state law recognized a duty of good faith and fair dealing. The district court held that the directors failed to state a claim under the statute, and the court of appeals affirmed. It concluded that the statute was limited to those situations in which there was a direct and close relationship between the wrongdoer and the claimant.
- Subjects
TEXAS; SURETY &; fidelity insurance; BLANKET bond insurance; SAVINGS bonds; BANK loans; BANKING industry; BOND insurance; CORPORATE directors; STATUTES
- Publication
Journal of Risk & Insurance, 1990, Vol 57, Issue 4, p726
- ISSN
0022-4367
- Publication type
Article