Renasant Bank v. St. Paul Mercury Insurance Co.
Renasant Bank purchased a Financial Institution Bond (the Bond), which covers losses caused by employees only when certain criteria are met. A Mississippi statute, Miss. Code Ann. 81-5-15, requires bank employees to post fidelity bonds that protect against "acts of dishonesty." The Fifth Circuit held that, assuming arguendo that the Bond was governed by section 81-5-15, the Bond's terms were enforceable as written because they were consistent with the statute. The court agreed with the district court that the Bank failed to produce evidence necessary to support its breach-of-contract claim and thus was entitled to summary judgment. View "Renasant Bank v. St. Paul Mercury Insurance Co." on Justia Law