Hometrust Life Insurance Company v. United States Fidelity and Guaranty Company and National Surety Corporation

298 F.2d 379, 1962 U.S. App. LEXIS 6234
CourtCourt of Appeals for the Fifth Circuit
DecidedJanuary 11, 1962
Docket18745_1
StatusPublished
Cited by7 cases

This text of 298 F.2d 379 (Hometrust Life Insurance Company v. United States Fidelity and Guaranty Company and National Surety Corporation) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fifth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Hometrust Life Insurance Company v. United States Fidelity and Guaranty Company and National Surety Corporation, 298 F.2d 379, 1962 U.S. App. LEXIS 6234 (5th Cir. 1962).

Opinion

RIVES, Circuit Judge.

Hometrust Life Insurance Company sued United States Fidelity and Guaranty *380 Company and National Surety Corporation as sureties on the official bond of Honorable John M. Brandon as Treasurer of the State of Alabama for a four-year term beginning January 17, 1955. The condition of the bond was:

“Now, if the said John M. Brandon shall faithfully perform all of the duties of said office, which are, or may be required of him by the Constitution and the laws of the State of Alabama, so long as he continues in said office, or continues to discharge any of the duties thereof, then the above obligation to be void; otherwise to remain in full force and effect.”

For the better protection of its policyholders, Homestead was required to keep at all times $100,000.00 invested in approved securities, 1 and on deposit with the Treasurer of the State of Alabama. 2 The official duties of the Treasurer require him to have the custody of and to “keep safe” the said securities. 3

On February 16, 1956, John Brandon, as State Treasurer, issued his “Certificate of Deposit” certifying that Home Trust “has made with this Department a deposit of approved securities of the par value of One hundred thousand Dollars, as shown in the schedule hereto annexed ; that said deposit is made by said company, or association, for the benefit, security and protection of all its policyholders and creditors in the United States; that said deposit is held by me as such state official in trust for the benefit, security and protection of all the policyholders and creditors of said company or association in the United States; that said securities are of the class contem *381 plated and permitted by the laws of this State for such purpose; and I am satisfied are worth not less than One hundred thousand Dollars.”

Included in the approved securities so deposited were 10 Board of Education of Florence, Alabama, Capital Outlay School Warrants, each of the face value of $1,000.00.

The district court found:

“These warrants remained on deposit with the State Treasurer until the 16th day of August, 1956, when John Brandon, the then Treasurer, acting under color of his office and in his official capacity as such, or acting through his agent, Frank Barefield, released said Florence, Alabama, Board of Education Warrants for certain warrants or bonds issued by the City of West Buechel, Kentucky. The West Buechel bonds totaled ten in number and each was stamped for $1,000. 2

From at least 1934 to the time of the exchange involved in this case, the following was stipulated to be “the course of conduct followed in regard to the matter of exchanges of securities held by the Treasurer in the statutory deposit of domestic life insurance companies”:

“That where when a domestic life insurance company desired to make an exchange of securities in its statutory deposit, it would on all occasions first make application to the Commissioner of Insurance for approval of such exchange; that upon approval by the Superintendent of Insurance *382 of securities to be exchanged for those deposited with the State Treasurer, the Superintendent of Insurance would note his approval, authorize the exchange and cause the exchange by issuance of a letter under his signature to the Treasurer of Alabama, in words and figures substantially as follows:
“ ‘Hon. (Name of Treasurer)
“ ‘State Treasurer
“ ‘Capitol
“ ‘Dear Mr. (Name):
“ T approve and hand you herewith the following described securities to be deposited in the name of (Name of Domestic Company):
“ ‘(Description of Securities to be deposited.)
“ ‘Please deliver to the bearer the following described securities:
“ ‘(Description of Securities to be released.)
“ ‘Yours very truly,
“ ‘(Name),
“ ‘Superintendent of Insurance.’ ”
“That upon delivery of the foregoing letter together with the approved securities to the office of the State Treasurer, the aforesaid letter would become a part of the permanent record of the State Treasurer, the approved securities would be placed on deposit for safekeeping with the State Treasurer and the securities noted in the letter to be released by the State Treasurer would thereupon be released by the State Treasurer in accordance with the verbiage in the aforesaid letter, to the Commissioner of Insurance or his representative.
“That the determination of relative value of securities involved in the exchange and the determination of whether the exchange should or would be made, was in all instances made by the Superintendent of Insurance and in no instance by the State Treasurer.
“That the Treasurer would make an exchange of such securities only upon receipt of a letter from the Superintendent of Insurance approv-. ing the same and requesting the Treasurer to make such exchange.” 4

Considering that course of conduct as an administrative construction placed upon the statutes (notes 1 and 2, supra) by the officers authorized to administer them, the district court concluded:

“ * * * that Treasurer Brandon in making the exchange that forms the basis for plaintiff’s complaint in this case performed his duties in a reasonable manner and in accordance with a reasonable construction of the applicable law. This Court further concludes that Treasurer Brandon discharged the degree of care the law imposed upon him in this transaction and therefore was not guilty of any breach of duty and was not guilty of any conduct that amounted to or constituted a breach of his official bond.”

The district court further concluded that:

“ * * * even if Brandon committed a negligent or wrongful act in making the exchange that ‘Home-trust’ complains of, the intentional or grossly negligent act of Gwaltney in disposing of the Florence Board of Education warrants after they were received by Gwaltney in his official capacity as Superintendent of Insurance from Brandon, cannot be said to have been reasonably foreseeable by Brandon, and ‘Hometrust’s’ real complaint is, as this Court sees it, against Gwaltney and/or his sureties. See Restatement of the Law of Torts, § 448; Liberty National Life Insurance v. Weldon, 267 Ala. 171, 100 So.2d 696, 61 A.L.R.2d 1346.
*383

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Cite This Page — Counsel Stack

Bluebook (online)
298 F.2d 379, 1962 U.S. App. LEXIS 6234, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hometrust-life-insurance-company-v-united-states-fidelity-and-guaranty-ca5-1962.