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Tuesday, March 19, 2013
Ind. Decisions - 7th Circuit decides one Indiana case today
In Frontier Ins. V. Hitchcock (SD Ind., Pratt), a 5-page opinion, Chief Judge Easterbrook concludes:
If the existence of a fund in the registry of the district court permits Frontier to pay the Sellers 100¢ on the dollar, the Guarantors have no legitimate complaint. There is no reason why Frontier’s financial troubles should benefit the Guarantors at the expense of the Sellers. If, however, New York’s insurance authorities instruct or permit Frontier to pay the Sellers less than the face value of the surety bond, then the Clerk of the district court will return the excess to the Guarantors. The final disposition of these funds thus depends on the outcome of Frontier’s rehabilitation. Until then, however, Frontier is entitled to the security that the Guarantors promised to provide. AFFIRMED
Posted by Marcia Oddi on March 19, 2013 02:18 PM
Posted to Ind Fed D.Ct. Decisions