Judges: BUFORD, C.J. —
Attorneys: Harry T. Gray and Robert H. Anderson, for Relator;
Cary D. Landis, Attorney General, and H. E. Carter,
Assistant, for Respondent.
Filed: May 25, 1932
Latest Update: Mar. 02, 2020
Summary: In this case original writ of mandamus issued out of this Court to the Respondent Knott as State Treasurer, the purpose of which was to test his authority for holding $75,000.00 in bonds deposited in the office of the State Treasurer by New York Indemnity Company under provisions of section 4339 R. G. S., 6302 C. G. L. The record shows that New York Indemnity Company was a foreign corporation authorized to do business in the State of Florida; that it deposited with the State Treasurer the bonds
Summary: In this case original writ of mandamus issued out of this Court to the Respondent Knott as State Treasurer, the purpose of which was to test his authority for holding $75,000.00 in bonds deposited in the office of the State Treasurer by New York Indemnity Company under provisions of section 4339 R. G. S., 6302 C. G. L. The record shows that New York Indemnity Company was a foreign corporation authorized to do business in the State of Florida; that it deposited with the State Treasurer the bonds r..
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I concur in the opinion and conclusion because the relator's petition and alternative writ does not sufficiently show that the Union Indemnity Company, as successor to the outstanding undischarged liabilities of the New York Indemnity Company, hasunconditionally assumed the surety contract liability of Florida Motor Lines under such circumstances as to make its own $75,000.00 deposit applicable to the outstanding obligation of New York Indemnity Company to Florida Motor Lines.
But I am also of the view that a surety company has in contemplation of law "settled up all claims against it" as provided in Section 6302 C. G. L., 4339 R. G. S., so as to entitle it to withdraw its securities when, with the approval of the Treasurer, a re-insurance contract has been entered into by which another company's $75,000.00 deposit
has become security under such re-insurance contract for all outstanding liabilities.
I concur fully in the view that securities under Section 6302 C. G. L., supra, cover surety contracts such as liability insurance bonds.
