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eBook details

• Title: Interfirst Bank Dallas v. United States Fidelity and Guaranty Company
• Author : Supreme Court Of Utah
• Release Date : January 10, 1989
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 87 KB

Description

NCNB Texas National Bank (Bank), as successor in interest to Interfirst Bank Dallas, N.A., appeals from a judgment which determined that United States Fidelity and Guaranty Company (USF&G) had a superior right to certain funds owed by various prime contractors to certain related subcontractors (Wallace). In six points of error, Bank complains that the trial court erred in concluding that: (1) Wallace forfeited its rights to funds still held by the prime contractors because Wallace committed a material breach of contract by not satisfying claims of all laborers and materialmen; (2) USF&G, as subrogee of the prime contractors, had priority over Bank to the withheld funds; (3) USF&G, as subrogee of lien claimants with unperfected laborers and materialmens liens, had priority over Bank to the funds; (4) certain lien claimants had perfected their liens under applicable state law; (5) the terms of USF&Gs payment bonds were incorporated into Wallaces subcontracts; and (6) USF&G was entitled to a $30,000.00 reimbursement for its costs and expenses incident to bond claim handling on the International Pavilion Project. For the reasons given below, we modify the trial courts judgment by deleting the $30,000.00 award for reimbursement and, as modified, affirm.

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