(DOWNLOAD) "Itt Life Insurance Corp. v. Damm" by Colorado Court of Appeals * eBook PDF Kindle ePub Free
eBook details
- Title: Itt Life Insurance Corp. v. Damm
- Author : Colorado Court of Appeals
- Release Date : January 05, 1977
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 55 KB
Description
Appellants have filed a "Motion to Approve Supersedeas Bond," pursuant to C.A.R. 8(a). The sole issue raised by the motion and the response thereto before this court is whether an irrevocable letter of credit issued by a state bank to secure a supersedeas bond is ultra vires as constituting a guaranty, contrary to Γ§ 11-6-101(4), C.R.S. 1973. The trial court held that the letter was ultra vires, and disapproved the bond. We hold that the letter of credit is not ultra vires, and is a valid obligation of the bank. A copy of the letter of credit with its Exhibit A is appended hereto as Appendix A.